Air India ties up with banks to avail loans for 3 Boeing 777 planes

Air India ties up with banks to avail loans for 3 Boeing 777 planes

According to a PTI report, state-owned Air India has tied up with UAE-based First Abu Dhabi Bank as well as Standard Chartered Bank and Mashreq Bank to avail short-term loans for acquiring three Boeing 777 aircraft, Union minister Jayant Singh said. Two of the aircraft are to be used for ferrying VVIPs, the minister of state for civil aviation said in a written reply in the Lok Sabha. The delivery of the three B777-300 ER planes is scheduled to be completed next month — two in January and one in February.

“Air India has signed a short-term buyers credit facility agreement with First Abu Dhabi Bank PJSC jointly with Standard Chartered Bank and Mashreq Bank PSC for acquisition of three B777-300ER aircraft,” the minister said. In early November, the disinvestment-bound airline issued a revised tender (after first floating it in October), soliciting interest from lenders for a loan worth up to $535 million (around Rs 3,460 crore). Last month, the airline also floated tenders for securing loans worth over Rs 1,100 crore for modification of two Boeing aircraft for ferrying VVIPs — the president, vice-president and prime minister.

In 2006, Air India placed orders with Boeing for 68 aircraft — 27 Dreamliners, 15 B777-300 ERs, eight B777-200 LRs and 18 B737-800s.
Of these, the state-run carrier has already taken the delivery of 65 planes, including 12 B777-300ERs. Following the downturn in the global aviation sector, the delivery of three B777-300ERs was postponed in 2010 as there was no “cancellation” clause in the original purchase agreement with Boeing Company.

Then, in September 2015, the carrier decided to take delivery of the remaining three planes as per the 2006 purchase agreement.

About author

TnH Global
TnH Global 4014 posts

Our platform is the most comprehensive, current and accurate content destination for tourism that also offers the opportunity to connect and network with quality buyers and sellers.

Name: TnH Global              Email: admin@tnhglobal.com

You might also like

Latest

Discover the Spanish Palace on Wheels : The Al-Andalús Luxury Tourist Train

Experience a different way of travelling through the Spanish regions on board of this sophisticated and legendary railway jewel. Live the glamour of a past century train with all the

Latest

Air India plans Washington DC flight in 2016

Viability study for new route to be undertaken in the coming months, “senior official” reveals Air India’s new route from Delhi to Washington DC is expected to launch before the

Trending

Northern Railway launches heritage steam train

After 25 years of the Indian Railways phasing out the steam engines, the Northern Railway (NR) relaunched the heritage steam train between Garhi Harsaru and Farukhnagar section at a fare

Destinations

Self-Drive 365 powered by Cox & Kings to pave way for Signature Road-Journeys in India

Setting off a new trend of self-drive holidays, India’s exclusive brand Self-Drive 365 is here to redefine travel.  The new segment aims to encourage travellers to discover and be a

Simulator Training Facilities Within India Mandatory: Airline Regulator Tells Operators

Airline operators having more than 20 aircraft of one type should compulsorily have simulator training facility within India, aviation watchdog DGCA has said months after detecting lapses at an overseas

Cruise

Mumbai-Goa cruise to cost Rs. 5,000 a night

A luxurious voyage in the Arabian Sea on a cruise ferry service between Goa and Mumbai is going to cost you nearly Rs. 5,000 for one night. This also means

Latest

TIME Magazine announces Morpheus Hotel as one of the ‘World’s Greatest Places 2018′

Just two months after its grand opening, Morpheus Hotel at Macau’s legendary City of Dreams resort has been hailed as one of the “World’s Greatest Places 2018” by TIME magazine,

Slider

Explore the magnificent underwater life at the One&Only Reethi Rah, Maldives

One&Only Reethi Rah, Maldives, located on one of the largest islands in North Male Atoll, surrounded by the Indian Ocean, is a diver’s paradise to explore the underwater world. The

Latest

Indian Accent at The Manor, New Delhi will open at The Lodhi end October

Indian Accent, the award-winning restaurant at The Manor, New Delhi, will open at The Lodhi end October in the space previously occupied by the restaurant On the Waterfront. Indian Accent,

Latest

VITS Hotels signs joint venture with Exhicon Group in Thailand

The agreement will accelerate ‘VITS’ brand experience in Far East and Middle East, and the new entity will launch its first hotel in Phuket by January 2018 VITS Hotels has

Slider

Israel Ministry of Tourism appoints Blue Square Consultants as new PR partner

Israel Ministry of Tourism (IMOT) has appointed Blue Square Consultants (BSC) as its new Public Relation (PR) partner in India. BSC will be responsible for all aspects of Israel tourism’s

Slider

Aitken Spence Hotels win big at South Asia Travel Awards 2018

Aitken Spence Hotels secured several awards at the recently held South Asian Travel Awards (SATA) 2018 in Mumbai, India. Launched in 2016, the prestigious awards for travel and tourism stakeholders

0 Comments

No Comments Yet!

You can be first to comment this post!