Monday, December 11, 2017

ai Air India seeks over Rs 1,100 crore loan for VVIP planes

Mumbai: Debt-laden Air India is seeking loans worth over Rs 1,100 crore for modification of two Boeing aircraft for ferrying VVIPs, news agency Press Trust of India reported citing an official document.
These planes will be used to ferry the President, Vice President and Prime Minister. In a tender document, the national carrier said it would like to avail a bridge loan of up to USD 180 million to finance the cost of modification. At current exchange rates, the amount will translate to over Rs 1,160 crore.
"The Government of India has indicated that they would issue its guarantee for the financing cost of modification of the two B777-300 ER aircraft for a period of 12 months or less," the document issued last week said.
These planes will undergo reconfiguration before being put to service.
The proposed loan amount will be availed during the period from January to April 2018.
Last week, Air India sought short-term loans of Rs 1,500 crore to meet the urgent working capital requirements.
11/12/17 Times Now