Indian secures $540m loan

New Delhi: The state-owned Indian Airlines has secured a loan of $540 million from the German national bank, KFW to pay for the delivery of fist lot of 10 new Airbus aircraft.
The loan, for a period of 15 years, covers only those aircraft that the airline will be receiving till early 2008, Indian chairman and managing director Vishwapati Trivedi said. "We will again negotiate with banks to fund the acquisition of the remaining 33 aircraft being purchased," Trivedi said.
The airline has already signed an agreement with the European aircraft manufacturer to purchase 43 Airbus aircraft at an estimated cost of $2.2 billion. In May this year, the airline signed an MoU with ICICI Bank for funding of the pre-delivery advancement payment for the aircraft being purchased.
29/09/06 Times of India

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