The Indian National airlines, Air India has finally decided to purchase 21 Airbus 320 family aircraft, besides the existing delivery financing of three Boeing 777-300ERs.
The air India board has appointed ICICI Bank for the refinancing of loan to purchase 21 A320 at an estimated costs of Rupees 5,500-crore and approved delivery financing of three B-777-300ER aircraft and one GE-90 spare engines with US Exim support worth US$475-million.Citibank has been mandated for 85% while Standard Chartered for the remaining 15%.
The Air India Management also secured approval for dry lease of 10 Airbus A 320 aircraft to replace the aging fleet as well as dry leasing of two Airbus A 330 aircraft. Air India has been going through a rough phase and there have been demands to declare the Airline sick. Also Only recently Indigo airlines displaced it from the Second Position in the Indian aviation market.
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