Indian ink MoU with ICICI for funding of PDP

Mumbai, May 7: 'Indian' has inked a Memorandum of Understanding (MoU) with ICICI bank to fund pre-delivery payments (PDPs) for acquisition of its aircraft.

The MoU was inked by Indian's Managing Director Dr Vishwapati Trivedi and ICICI Banks's Joint Managing Director Kalpana Morparia here on May 5.

''The signing of this MoU is a significant step forward in the tie-up of funding for Indian's aircraft acquisition programme. This acquisition will allow 'Indian' to step up growth, expand its market and further improve the quality of its product offered, besides replacing some of its existing Boeing 737 and Airbus A300 aircraft,'' a release issued here today said.

The funding arrangement for PDP would be a syndicated External Commercial Borrowing (ECB) of USD 152.0 million, with ICICI Bank acting as a sole arranger and underwriter and will be spread over from June till January 2010, the release added.

UNI