Air India defers delivery of three aircraft

New Delhi: Cash-strapped national carrier Air India has deferred the delivery of three long-haul Boeing 777 aircraft from next year to beyond 2012 as it tries to reduce expenses and streamline its fleet of at least 150 aircraft, two airline officials said on condition of anonymity.
It is also in talks with the Boeing Co. to convert the order for the three aircraft, valued at around $450 million (around Rs2,000 crore), into one for narrow body Boeing 737s, which it uses to fly to West Asia and South-East Asia, one official said.
Air India, run by National Aviation Co. of India Ltd, will, however, induct three Boeing 777s this year. It is seeking a so-called “bridge loan” of $450 million from Standard Chartered Plc as a stop-gap arrangement to purchase these aircraft, until it receives an already approved loan from the Export-Import Bank of India, the officials said. The deferred aircraft were part of a $11 billion order for 111 aircraft placed in 2006.
25/04/10 Tarun Shukla/Live Mint

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