Air India sells Dreamliners to repay loans

November 23, 2015 10:33

Air India has mopped up Rs 7,000 crore by selling nine of its 21 Dreamliner aircraft to a Singaporean lessor, which it has taken back on lease from the company under an SLB (sale and lease back) arrangement.

A major chunk of these funds will go into repayment of the bridge loan availed earlier for purchasing these Boeing 787-800s, airline sources said.

Under an SLB arrangement, the seller of an asset leases it back from the purchaser for a long-term period and continues to use it without actually owning it.

Air India has 131 aircraft in its fleet, consisting of Boeing, Airbus and ATR planes as well as CRJs. Of these, 21 are Boeing 787-800s.

Earlier also, the flag carrier had sold and leased back 12 Dreamliners under a similar arrangement.

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