United Tech to fund GoAir’s aircraft buys

Bangalore: United Technologies Finance has agreed to fund Wadia-owned GoAir for making pre-delivery payment for its 72 A-320 NEO aircraft worth Rs 32,400 crore.
United Technologies Finance is part of the US-based United Technologies which makes Pratt & Whitney engines.
GoAir (India) Chief Executive Officer, Giorgio de Roni, told Business Line that United Technologies along with the engines, will provide them with significant amount of funding. Once it is in place, the airline will go in for sale and lease back arrangement. The deliveries are expected to start from 2016.
An industry analyst said though airlines use various channels to raise funds for buying aircraft, GoAir’s model is not commonly used.
22/08/12 K. Giriprakash/Ashwini Phadnis/Business Line

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Categories: GoAir Aug 2012