Air India Mops Up Rs 7,000 Cr Through Aircraft Sale : 23 Nov 2015

Air India has mopped up Rs 7,000 crore by selling nine of its 21 Dreamliner planes to a Singaporean lessor, which it has taken back on lease from the company under an SLB arrangement. A major chunk of these funds will go into repayment of the bridge loan availed earlier for purchasing these Boeing 787-800s, airline sources told PTI. Under a Sale and Lease-Back (SLB) arrangement, the seller of an asset leases it back from the purchaser for a long-term period and continues to use it without actually owning it. Air India has 131 aircraft in its fleet, consisting of Boeing, Airbus and ATR planes as well as CRJs. Of these, 21 are Boeing 787-800s. Earlier also, the flag carrier had sold and leased back 12 Dreamliners under a similar arrangement. Sources said that 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. The airline is saddled with a debt of about Rs 40,000 crore that includes a long-term loan taken for aircraft purchase and working capital loan. It has accumulated a loss of close to Rs 30,000 crore. The airline, however, is expected to report around Rs 6 crore operating profit this fiscal. These nine B 787-800s were inducted into the national carrier's fleet between March 2014 and June this year.
Air India Mops Up Rs 7,000 Cr Through Aircraft Sale : 23 Nov 2015 Air India Mops Up Rs 7,000 Cr Through Aircraft Sale : 23 Nov 2015 Reviewed by Money99 on 08:10:00 Rating: 5

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