Air India scouts for $535 mn loan to buy 3 Boeing planes, 2 of them to ferry VVIPs
, ET Bureau|
Updated: Nov 05, 2017, 08.56 PM IST
MUMBAI: National carrier Air India has floated a tender to raise $535 million to bridge finance a loan raised to acquire three Boeing 777-300ER (extended range) planes.
Two of the planes will be used by the government for ferrying important officials, a spokesperson said.
The planes are part of the historic and much debated $15 billion 111 plane order placed by the airline in 2005-06. They included 68 Boeings and 43 Airbus planes. The Boeings included 15 777s, 12 of which have been delivered. They are deployed into long haul routes like the US.
Two of the remaining three will be delivered in January and the last one in February 2018.
The bridge finance will be availed for 12 months or the refinancing of the loan, whichever is earlier.
The call for bids comes even as the government tries to firm up modalities for the loss-making overleveraged airline's disinvestment. In September and in October, the airline floated tenders to raise close to Rs 5,000 crore short term loans for working capital requirements.
Two of the planes will be used by the government for ferrying important officials, a spokesperson said.
The planes are part of the historic and much debated $15 billion 111 plane order placed by the airline in 2005-06. They included 68 Boeings and 43 Airbus planes. The Boeings included 15 777s, 12 of which have been delivered. They are deployed into long haul routes like the US.
Two of the remaining three will be delivered in January and the last one in February 2018.
The bridge finance will be availed for 12 months or the refinancing of the loan, whichever is earlier.
The call for bids comes even as the government tries to firm up modalities for the loss-making overleveraged airline's disinvestment. In September and in October, the airline floated tenders to raise close to Rs 5,000 crore short term loans for working capital requirements.
