Indian signs MoU with ICICI Bank for USD 152 mn funding

Mumbai: Indian has signed a memorandum of understanding (MoU) with India's largest private sector bank, ICICI Bank, for funding of the pre-delivery advance payments (PDPs) for the proposed aircraft acquisition of the state-owned airline.
The funding arrangement for PDP would be a syndicated external commercial borrowing (ECB) of USD 152 million, with ICICI Bank acting as a sole arranger and underwriter, the airline said here today.
The agreement would be spread over four years starting from June 2006 till January 2010, it said.
In addition to PDP funding, ICICI Bank has also agreed to provide assistance to Indian in applying to Export Credit Agencies (ECA) for tie-up of long term funds with ECA comfort.
07/05/08 Zee News

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