Air India scouts for $535 million loan to buy 3 Boeing planes

Agencies
November 5, 2017

New Delhi, Nov 5: Air India is looking to raise loans worth $535 million to finance acquisition of three Boeing planes, including two aircraft that will be used for ferrying VVIPs, a senior airline official said.

However, the disinvestment-bound carrier has reduced the required loan amount by around $20 million in less than three weeks after floating a tender where it had sought loan up to $555 million for buying the three aircraft.

The delivery of three B777-300 ER planes is scheduled to be completed in February next year, with two expected to be bought in January.

Issuing a revised tender, the airline has solicited interest from lenders for loan worth up to $535 million, for which two separate term sheets would be inked.

At current exchange rates, the loan would be to the tune of around Rs 3,460 crore.

Out of three aircraft, two are to be acquired in January 2018 and those would be for the use of VVIPs, the official said.

After making required modifications, the two planes would join the fleet that are generally used to carry President, Vice President and Prime Minister, the official added.

As per the purchase agreement with Boeing, Air India is to buy 15 B777-300 ER aircraft and it has already taken delivery of 12 such planes.

According to the revised tender document, one term sheet would be for two aircraft that are to be delivered in January next year and the loan amount required is up to $400 million. The figure translates to around $200 million for each plane.

For the remaining aircraft, a separate term sheet would be inked for a loan of up to $135 million.

The specific reasons for revising downwards the proposed loan amount to $535 million from $555 million could not be immediately ascertained.

"The facility should be a direct loan without the requirement for formation of a special purpose vehicle structure which requires title transfer," the tender document said.

Air India has said that the Government of India has indicated that they would issue its guarantee for the bridge financing of B777-300 ER aircraft for a period of 12 months or till the date the loan is refinanced whichever is earlier.

No commitment fee would be paid to the bidder and that the "pre-payment/ short closure of the bridge loan should be allowed without any extra cost" to the airline, it added.

In 2006, Air India placed orders with Boeing for 68 aircraft — 27 Dreamliners, 15 B777-300 ERs, eight B777-200 LRs and 18 B737-800s.

Of these, the state-run carrier has already taken the delivery of 65 planes.

At present, the flagship airline has a fleet of 115 aircraft.
The B777-300 ER aircraft owned by Air India has 342 seats for passengers.

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News Network
February 27,2020

New Delhi, Feb 27: An Indian Air Force aircraft on Thursday evacuated 76 Indians and 36 foreign nationals from the coronavirus-hit Chinese city of Wuhan.

The C-17 Globemaster III transport aircraft was sent to Wuhan on Wednesday and it carried 15 tonnes of medical supplies for coronavirus-affected people in China.

On its return, the aircraft brought back 112 people, including 23 citizens from Bangladesh, six from China, two each from Myanmar and the Maldives and one each from South Africa, the US and Madagascar.

Earlier, India had evacuated around 650 Indians from Wuhan in two Air India flights.

“In all 723 Indian nationals and 43 foreign nationals have been evacuated from Wuhan, China, in these three flights,” the Ministry of External Affairs (MEA) said.

On the medical supplies delivered by India to China, the MEA said they would help augment the country’s efforts to control the coronavirus outbreak which had been declared as a public health emergency by the World Health Organisation.

“The assistance is also a mark of friendship and solidarity from the people of India towards the people of China as the two countries also celebrate 70th anniversary of establishment of diplomatic relations this year,” it said.

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News Network
May 22,2020

New Delhi, May 22: Reserve Bank Governor Shaktikanta Das on Friday extended the moratorium on payment of loans by another three months till August to provide much-needed relief to borrowers whose income has been hit due to the coronavirus crisis.

In March, the central bank had allowed a three-month moratorium on payment of all term loans due between March 1, 2020, and May 31, 2020.

Accordingly, the repayment schedule and all subsequent due dates, as also the tenor for such loans, were shifted across the board by three months.

As a result of this moratorium, individuals’ EMI repayments of loans taken were not deducted from their bank accounts, providing much-needed liquidity.

The EMI payments will restart only once the moratorium time period expires on August 31.

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News Network
March 20,2020

New Delhi, Mar 20: Bodies of the four Nirbhaya convicts who were hanged on Friday morning at Tihar Jail have been sent to hospital for a post-mortem, following which it will be handed over to the families, according to an official.

After the hanging at 5:30 am today, the bodies were taken from Tihar Jail to Deen Dayal Upadhyay (DDU) Hospital for post mortem at around 8:20 am.

Tihar jail Director-General Sandeep Goel said that the bodies will be handed over to the families after the post mortem.

The families, however, will have to give a written undertaking that they will not make a public demonstration of the cremation or burial of the executed person.

The superintendent will also consult the District Magistrate and the Deputy Commissioner of Police for arrangements for the disposal of the body.

The post mortem comes in line with the Supreme Court's order in Shatrughan Chauhan's case in January 2014, which had mandated the same observing that there is a dearth of experienced hangman in the country.

"By making the performance of post mortem obligatory, the cause of the death of the convict can be found out, which will reveal whether the person died as a result of the dislocation of the cervical vertebrate or by strangulation which results on account of too long a drop," the apex court had said in its order.

"Our constitution permits the execution of death sentence only through the procedure established by law and this procedure must be just, fair and reasonable," the order added.

All four convicts in the 2012 Nirbhaya gang-rape and murder case -- Akshay Singh Thakur, Pawan Gupta, Vinay Sharma, and Mukesh Singh -- were hanged till death at 5:30 am this morning.

The case pertains to the brutal gang-rape and killing of a 23-year-old paramedical student in a moving bus on the night of December 16, 2012, by six people including a juvenile in the national capital. The woman had died at a Singapore hospital a few days later.

One of the adults accused had allegedly committed suicide in the prison during the trial, while the juvenile was released from a correction home after a period of three years.

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