New Delhi: State-run Air India's board on Tuesday approved a $195 million bridge loan for financing its purchase of two Boeing 787 Dreamliner aircraft, as the carrier takes its first steps towards a controversial aircraft buy programme.
The bridge financing, led by Standard Chartered Bank's India unit, is expected to be closed soon, Air India said in a statement.
The carrier will push ahead with its purchase of 27 Dreamliner aircraft, Indian aviation minister Ajit Singh said last week, despite its heavy debt burden and a long-running dispute with Boeing.
Cash-strapped Air India, which owes about $500 million to oil companies and $240 million to airports, is currently negotiating for nearly $1 billion as compensation from Boeing for the delayed delivery.
27/03/12 Reuters/Economic Times
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