AI Board approves purchase of 21 Airbus 320 family aircraft

Mumbai, Jan 19 (PTI) National air-carrier Air India''sBoard, which met here today, approved several proposals by themanagement including the purchase of 21 Airbus 320 familyaircraft, besides delivery financing of three Boeing777-300ERs.

The Board has mandated ICICI Bank for the refinancing ofloan to purchase 21 A320 for Rs 5,500-crore and approveddelivery financing of three B-777-300ER aircraft and one GE-90spare engines with US Exim support worth USD 475-million, apress release said.

Citibank has been mandated for 85 per cent while StandardChartered for the remaining 15 per cent.

In addition, the Board also gave its nod to Air India todispose off four A 310 passenger aircraft along with thesimulator.

Besides, the management also secured approval for drylease of 10 Airbus A 320 aircraft to replace the ageing fleetas well as dry leasing of two Airbus A 330 aircraft.

The Board also ratified the decision to continue the drylease of four B 737-800 aircraft for Air India Express, itsaid, adding AirIndia Express will now have a fleet of 21,including 17 owned aircraft.

In addition, the proposal to acquire 30-acres of landnear Nagpur SEZ area to set up a MRO facility, was alsoapproved by the Board at its meeting, the release said. PTIIAS JJ VKV