The Hindu Business Line : National Aviation board approves $469 m funding

Mumbai, Dec. 29 The board of directors of National Aviation Company of India Ltd (NACIL), the entity into which Air India and Indian have been amalgamated, approved the borrowing programme for three aircraft and two spare engines amounting to $469.415 million.

The aircraft includes one B777-200 LR and two 777-300 ERs. The three aircraft would be inducted into Air India’s fleet during 2008, a statement from the company said.

Also, the board of directors of Air India Charters Ltd (AICL) gave approval to a borrowing programme for five B737-800s and three spare engines amounting to $243.605 million.

AICL is a subsidiary of NACIL under which Air India Express operations come. These aircraft will be inducted into the fleet of Air India Express between January 2008 and March 2009. However, the bankers for the funding programmes are yet to be finalised.

The statement added that 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 December 31 at Seattle. Air India received funding for the first round from Exim Bank.

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National Aviation board approves $469 m funding