Air India hoping to raise Rs805 crore through sale, lease-back of aircraft

Mumbai: Looking for ways and means to raise resources flag carrier Air India plans to raise $165 million (Rs805 crore) through sale and lease-back of some of its aircraft. Holding company National Aviation Company of India Limited (NACIL), has floated global tenders for sale and lease-back of six of its aircraft for a period of seven years.

According to specifications issued, the aircraft are a Boeing 747-400 and five Airbus A320-200s.

AI has set the reserve price at $65 million (Rs317 crore) for the B747-400 aircraft and $20 million (Rs97.58 crore) per aircraft for the A320-200 aircraft, the state-run airline said in its bid document.

The merged airline, which now operates domestic and overseas services under a common brand, has already posted losses to the tune of Rs2,100 crore and is expected to cross the figure of Rs4,000 crore this year.

It has sought fresh infusion of funds from the government through soft loans and equity.