Mumbai: Air India Ltd, India's oldest airline, will raise up to $100 million overseas as the debt-laden firm is exploring multiple ways to access cheaper finance to fuel expansion.
The funds will be used to make initial payments to buy six Dreamliner aircraft from Boeing Co., according to two Air India executives who spoke on condition of anonymity.
Air India has already taken delivery of 21 Boeing 787 Dreamliner planes, which are critical to the turnaround of the state-owned airline.
Last week, the Reserve Bank of India liberalized rules for firms to borrow overseas. The guidelines propose to allow more investors but spell out a minimum average maturity cap of three-five years for normal borrowings, and 10 years for long-term borrowings.
05/10/15 PR Sanjai/Mcclatchy/AviationPros
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The funds will be used to make initial payments to buy six Dreamliner aircraft from Boeing Co., according to two Air India executives who spoke on condition of anonymity.
Air India has already taken delivery of 21 Boeing 787 Dreamliner planes, which are critical to the turnaround of the state-owned airline.
Last week, the Reserve Bank of India liberalized rules for firms to borrow overseas. The guidelines propose to allow more investors but spell out a minimum average maturity cap of three-five years for normal borrowings, and 10 years for long-term borrowings.
05/10/15 PR Sanjai/Mcclatchy/AviationPros
