Air India to raise 5,000 crore for seven new aircrafts

New Delhi, Feb 22 (ANI): National air craft Air India has floated tenders for long-term loans to raise around 5,000 crore from domestic and global financial institutions for acquiring seven new aircrafts.

The National Aviation Company of India Limited (NACIL), the holding company formed after the merger of Air India and Indian Airlines, in the tender document has said that for the US Exim guaranteed facility, the term would be 12 years while for commercial, it would be five years.

The funds may be raised either in national or foreign currency or in a mix of both, the document said.

Air India is expected to acquire these aircraft within the next eight months, with the first delivery expected around June this year.

Of the seven aircraft proposed to be acquired, three would be Boeing 777-200 (Long Range) and four Boeing 777-300 (Extended Range). (ANI)