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Air India looks to raise funds through lease-back of aircraft

Air India looks to raise funds through lease-back of aircraft
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First Published: Mon, Nov 17 2008. 04 59 PM IST
Updated: Mon, Nov 17 2008. 04 59 PM IST
PTI
Mumbai: Hit by the global financial meltdown coupled with mounting losses, national air-carrier, Air India, plans to raise $165 million through sale and lease-back some of its aircraft.
National Aviation Company of India Limited (NACIL), which is the holding compnay of Air India, has floated global tenders for sale and lease-back of six of its aircraft for a period of seven years.
The aircraft are one Boeing 747-400 and five Airbus A320-200.
The reserve price is set at $65 million for the B747-400 aircraft and $20 million per aircraft for the A320-200 aircraft, the state-run airline said in its bid document.
Air India had last year posted losses to the tune of Rs2,100-crore and this year its losses are likely to be in the range of Rs4,000-crore.
Amidst these losses, the airlines has sought a bailout package from the Government in the form of both soft loans and equity infusion.
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First Published: Mon, Nov 17 2008. 04 59 PM IST