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Air India is looking to raise short-term loans worth over Rs 3,000 crore to partly fund the acquisition of four Boeing 787 planes. It plans to induct these four aircraft — part of the 27 aircraft order placed with Boeing Inc in 2006 — between July and October this year.
Currently, the national carrier has 23 B787-800 planes in the fleet besides other types of Boeing and Airbus planes. To fund the purchase of four more Boeing 787 aircraft, the airline is looking for banks and financial institutions to arrange bridge financing or short-term loans for a period of 15 months.
The bridge finance would be up to “$470 million for partly financing acquisition of four B787-8 aircraft,” as per Air India’s Invitation of Offer document.