Air India gets US$550 million boost
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Air India has penned a US$550 million financing arrangement with the US Exim Bank in Washington, the Centre for Asia Pacific Aviation has reported. The injection will help financing three Boeing 777 aircraft and five Boeing 737’s.
The deal was signed by Raghu Menon, Chairman and Managing Director of Air India, and James Lambright, Chairman of the US Exim Bank.
“We greatly value US Exim’s contribution in partnering Air India in our project of acquiring 68 state-of-the-art aircraft from the Boeing Company,” Menon said at the signing. “Induction of these modern aircraft into our fleet would be a major step forward in making Air India a truly global airline through significant expansion of our international network,” he continued.
Meanwhile Lambright Chairman hailed the investment opportunities India’s economy provides. “The fast growing India market offers enormous opportunities for US exporters in sectors, including transportation, energy and infrastructure development,” Lambright said.
The new investment takes Air India total of funds raised for new aircraft to US$1.75 billion.
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