Air India has tied up with two overseas banks to arrange short-term loans to the tune of USD 315 million to partly fund the acquisition of three Boeing 787 Dreamliner aircraft.
Air India has already taken the delivery of one aircraft late last month, and the remaining two are scheduled to be delivered to the carrier by this month and in June 2015, reports Economic Times.
“The bridge financing of this aircraft (the already delivered) was arranged by Deutsche and Standard Chartered Banks. These banks were awarded the mandate of USD 315 million to partly finance the delivery of three aircraft including the two which are to be delivered this month and in June,” a senior airline official said.
A bridge-loan is typically used to meet payment commitments until a long-term financing is arranged.