Air India sells and leases back 21 aircraft for Rs. 7000 crore
Posted on: 23/Nov/2015 9:50:10 AM
Air India has sold 21 of its Dreamliner aircraft to a lessor from Singapore. In return, the lessor has taken it back on a sale and lease back (SLB) arrangement. An SLB arrangement is one where the seller can lease back an asset from the purchaser for a long period of time. The national carrier has made Rs. 7000 crores in the deal. Much of this amount will help in repaying the loan that was taken to purchase the Dreamliners in the first place.
Currently, Air India has got 131 aircraft which consist of Boeing, Airbus, ATR and CRJ planes. 21 of these are Boeing 787-800s, the Dreamliner. The SLB arrangement has been put into use for 12 other aircraft earlier as well. Talking about the current arrangement, an official has said, Air India has sold all the nine Dreamliners to one Singaporean lessor for a little over Rs 7,000 crore. These planes have now been taken back on lease by the same firm. Of the total proceeds, about Rs 6,000 crore will be used for repayment of the bridge loan taken against these planes at the time of acquisition while the remaining Rs 1,000 crore will be utilised for other purposes.
