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Mumbai, Nov. 17 National Aviation Company of India Ltd (NACIL), merged entity of erstwhile Air India and Indian Airlines, has invited bids for sale and lease back arrangement for its six aircraft at total Reserve Price of $165 million (around Rs 800 crore), according to a tender issued by the company on November 10.

The Reserve Price for one B747-400 aircraft is set at $65 million and for five A320-200 aircraft it is $20 million per aircraft.

All five A320 aircraft were manufactured in 1993 and the B747-400 aircraft was manufactured in 1994. NACIL would sell the above aircraft to the lessor or banker and immediately lease it back under an operating lease for seven years, said the tender document.

The bidders have been asked to indicate the purchase price offered as well as monthly lease rentals to be paid by NACIL during the lease period.

The document added, in the event of a conversion, lessor will agree for a rental holiday for the time taken for conversion and the lease would stand extended by the period of the rental holiday.

The bids will close on December 9.

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