Air India expects to raise Rs 6,100 crore by selling, leasing back 7 wide-body aircraft: Report

Air India expects to raise Rs 6,100 crore by selling, leasing back 7 wide-body aircraft Report

New Delhi: Debt-laden Air India is looking to raise about Rs 6,100 crore by selling and leasing back 7 wide-body aircraft, as per a business daily report.

A report in the Livemint said that the National carrier may include six Boeing 787s and one Boeing 777 aircraft, that were delivered to it between 2016 and 2018.

Livemint said that the sale and leaseback (SLB) process will be concluded over the next fortnight.

Meanwhile, speaking on Air India`s financial woes, Civil Aviation Secretary R N Choubey, yesterday said that the airline was being given support from “time to time”.

Don’t Miss: Vitara Brezza waiting period to come down as Maruti ramps up production

He further said that the airline`s performance was being monitored.

Last month in Hyderabad, the secretary had said that a revival package for the debt-ridden national carrier had nearly been finalised and that the government was providing all support to Air India to ensure that it remained a viable entity.

On August 7, Parliament had approved the gross additional expenditure of Rs 980 crore for equity infusion into the heavily indebted airline.

The Central government had invited an Expression of Interest (EoI) on March 28 this year for disinvestment of Air India, including the national carrier`s shareholding interest in Air India Express Ltd and Air India SATS. But, it received no response till May 31, the closing day.

Despite the lack of buyer interest, the government stated that it was still committed to the idea of Air India`s strategic divestment.