Air India looks to raise funds through lease-back of aircraft

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Press Trust of India Posted: Nov 18, 2008 at 0051 hrs IST

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MUMBAI:: Hit by the global financial meltdown coupled with mounting losses, national air-carrier, Air India, plans to raise $165-million through sale and lease-back some of its aircraft. National Aviation Company of India Limited (NACIL), which is the holding compnay of Air India, has floated global tenders for sale and lease-back of six of its aircraft for a period of seven years. The aircraft are one Boeing 747-400 and five Airbus A320-200. The reserve price is set at $65 million for the B747-400 aircraft and $20-million per aircraft for the A320-200 aircraft, the state-run airline said in its bid document. Air India had last year posted losses to the tune of Rs 2,100-crore.

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