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BoI loan to Air India for Dreamliners

biBank of India will be extending a loan of $200 million to Air India to finance its acquisition of three Dreamliners. Air India will use the funds to acquire these Boeing 787s before offering them to leasing companies for sale and leaseback arrangement, under which one sells an asset and leases it back, thereby continuing to use the asset but no longer owning it. Bank of India and the State Bank of India had earlier taken a share of financing aircraft purchase. The airline plans to raise $500 million in this financial year through bridge loans to finance five Dreamliners. It has also received a credit of $288 million from Standard and Chartered Bank to pay off the bills for the fuel its planes pick abroad, besides purchase of simulators and spare parts, they said.

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