State-run Air India is to raise between $7 billion and $8 billion to buy 68 airplanes from Boeing Co., the largest deal ever in Indian aviation, officials said Thursday.
The money will be raised from domestic and overseas banks, and the airline has secured an initial $500 million in financing, Air India spokesman Rahul Chopra said.
Under the deal signed in January and initially valued at $11 billion, Air India agreed to purchase 27 787s, 15 777-300ERs and eight 777-200LRs. Air India also plans to buy 18 additional planes for Air India Express, its low-cost subsidiary.
Air India, which has a fleet of 42 aircraft, is replacing its aging planes in hopes of better competing with private carriers.
Chicago Tribune
The money will be raised from domestic and overseas banks, and the airline has secured an initial $500 million in financing, Air India spokesman Rahul Chopra said.
Under the deal signed in January and initially valued at $11 billion, Air India agreed to purchase 27 787s, 15 777-300ERs and eight 777-200LRs. Air India also plans to buy 18 additional planes for Air India Express, its low-cost subsidiary.
Air India, which has a fleet of 42 aircraft, is replacing its aging planes in hopes of better competing with private carriers.
Chicago Tribune
