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ICICI Bank gets mandate for Air India loan refinance

ICICI Bank gets mandate for Air India loan refinance
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First Published: Thu, Jan 20 2011. 10 39 AM IST
Updated: Thu, Jan 20 2011. 10 39 AM IST
Mumbai: State-run Air India has given ICICI Bank the mandate to refinance loans to purchase 21 Airbus A 320 aircraft worth Rs5,500 crore, it said late on Wednesday.
Air India’s board also approved delivery financing of three B 777-300 ER aircraft and one GE-90 spare engine with US Exim support worth $475 million. Citibank has got the mandate to finance 85% of the amount, with Standard Chartered securing the rest.
Air India will also dry lease 10 Airbus A 320 aircraft and two Airbus A 330 aircraft to replace its ageing fleet, it added.
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First Published: Thu, Jan 20 2011. 10 39 AM IST