NACIL approves aircraft borrowing worth USD 469 million

Mumbai, Dec 29 (UNI) The Board of Directors of National Aviation Company of India Limited (NACIL) today approved the borrowing programme of one B777-200 LR, two 777-300 ERs and two spare engines, amounting to 469.415 million dollar.

These three aircraft will be inducted into Air India's fleet during 2008.

Meanwhile, the Board of Directors of Air India Charters Limited (AICL) also approved the borrowing programme of five B737-800s and three spare engines, amounting to 243.605 million dollar.

These aircraft will be inducted into the fleet of Air India Express between January 2008 and March 2009, a statement said.

The first tranche of financing, covering four B777-200 LRs, three 777-300 ERs and two spare engines for NACIL, and ten 737-800s and two spare engines for AICL, approved earlier, will be completed by December 31.

The last B777-200 LR under the first tranche of financing will be delivered to NACIL on Monday at Seattle, the statement added.

UNI