Air India (AI) is looking to raise loans worth $535 million to finance acquisition of three Boeing planes, including two aircraft that will be used for ferrying VVIPs, a senior airline official said.
However, the disinvestment-bound carrier has reduced the required loan amount by about $20 million in less than three weeks after floating a tender where it had sought loan of up to $555 million for buying the three aircraft.
The delivery of three B777-300 ER planes is scheduled to be completed in February next year, with two expected to be bought in January.
Issuing a revised tender, the airline solicited interest from lenders for loan worth up to $535 million, for which two separate term sheets would be inked.
AI is in advanced discussions with public sector lender SBI for sale of at least two residential properties that could net almost ₹50 crore, airline and banking sources said. While the government moves ahead with the process for strategic stake sale, the airline continues to work on a strategy to divest non—core assets.