Air India scouts for $535 million loan to buy three Boeing planes

November 05, 2017 19:46

Air India is looking to raise loans worth $535 million to finance acquisition of three Boeing planes, including two aircraft that will be used for ferrying VVIPs, a senior airline official said.

An Air India spokesperson confirmed thereport that the two aircraft will be used for VVIP travel.

However, the disinvestment-bound carrier has reduced the required loan amount by around $20 million in less than three weeks after floating a tender where it had sought loan up to $555 million for buying the three aircraft.

The delivery of three B777-300 ER planes is scheduled to be completed in February next year, with two expected to be bought in January.

-- PTI

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