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Air India to Tie-up with 3 Banks for Loans For 3 B777 Planes

By Olga

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 on Thursday.

Air India to Tie-up with 3 Banks for Loans For 3 B777 Planes

Two of these aircrafts will be used for ferrying VVIPs. The delivery of two B777-300 ER planes are scheduled for January and the third in February.

Air India has signed a short-term buyers credit facility agreement with the three banks. 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.

With inputs from PTI.

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