In its bid to renew its fleet and earn some revenue, Air India has begun the process of selling three 25-year-old Airbus aircraft on "as is where is" basis.

The three A 310-300 planes, manufactured in 1986, are on a sale and lease-back arrangement with the UK-based Investec Bank and the national carrier has obtained the necessary authorisation from their owner and lessor for selling them.

While two of these wide-body twin-aisled planes are in fly-away condition, one is grounded at the Air India base in Mumbai.

The airline has floated a tender saying it wants to sell the three immediately and asked the bidders to deposit $25,000 as earnest money.

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