Air India seeks Rs 1,100 cr loan to modify planes for VVIPs

Agencies
December 10, 2017

New Delhi, Dec 10: Disinvestment-bound Air India is seeking loan worth over Rs 1,100 crore for modification of two Boeing aircraft scheduled to be acquired next month for ferrying VVIPs, according to an official document.

The two Boeing 777-300 ER aircraft are to be delivered in January 2018 and the cost for "modification in its (planes) interior configuration" is estimated to be USD 180 million. At current exchange rates, the amount will translate to over Rs 1,160 crore.

These planes will be used to ferry the President, Vice President and Prime Minister.

In a tender document, the national carrier said it would like to avail a bridge loan of up to USD 180 million to finance the cost of modification.

"Government of India has indicated that they would issue its guarantee for the financing cost of modification of the two B777-300 ER aircraft for a period of 12 months or less," the document issued last week said.

These planes will undergo re-configuration.

The proposed loan amount will be availed during the period from January to April 2018. The first instalment of USD 135 million would be taken next month, while the remaining amount will be borrowed in a quantum of USD 15 million each in February, March and April, respectively.

Last month, an Air India official had said after required modifications, the two planes will join the fleet used to carry the President, the Vice President and the Prime Minister.

According to the airline, no commitment fee would be paid to the lender for the USD 180 million loans. "Prepayment/ short closure of the loan should be allowed without any extra cost to Air India as the loan would be repaid as soon as the funds are made available by Government of India," it added.

"The Indian Income Tax Act imposes withholding tax on interest payments to lenders outside India. The rate of withholding tax on interest payments will be considered in the financial evaluation of the offers to determine the all-in cost of your offer," the document said.

Last month, Air India had sought a loan to the tune of USD 535 million to finance the acquisition of three Boeing planes, including the two aircraft to be used for ferrying VVIPs. At that time, the amount was around Rs 3,460 crore.

Air India has a debt burden of more than Rs 50,000 crore and these loans would further increase the debt level.

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 government is in the process of finalising the modalities for the strategic disinvestment of debt-laden Air India as part of efforts to revive the carrier.

Comments

Wellwisher
 - 
Monday, 11 Dec 2017

What is the meaning of VVIP.  Passengers who lost their life during air india express crash landung due to arrogant pilots error not respected or they compensated per Montreal law  no they want to arrange special arrangements for very very illegal persons. Over all in India there is no value for common man. All benifits and facility''s  only for giant Wales and politicians. For common man only one facility by the present govt to fight with name of caste. We the people doing the same fighting with fellow INDIAN.

 

Jai Hind!

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 29,2020

New Delhi, Jan 29: The Janata Dal (United) today expelled its vice-president Prashant Kishor and senior leader Pavan Kumar accusing them of "anti-party" activities.

Both the leaders have been attacking the party leadership over its pro-CAA stand.

The spat between Nitish Kumar and Kishor was out in the open yesterday when the former reminded the political strategist that he was inducted into the party on the recommendation of Union home minister Amit Shah.

It all began when Nitish, while talking to the media here, said, “I don’t have any problem if he (Kishor) wants to leave the party. But if he wants to stay, then he will have to follow the basic structure of the party.”

Varma had also questioned the JDU's alliance with the BJP in Delhi Assembly polls while Kishor has more than once voiced his differences with the party known on the issue of CAA and NRC.
 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 9,2020

Srinagar, Feb 9: Authorities on Sunday snapped mobile internet services in Kashmir as a precautionary measure to prevent any law and order disturbance on the seventh death anniversary of Parliament attack convict Mohammad Afzal Guru, officials said.

The mobile internet services were suspended early in the morning as the authorities apprehended violence in the valley in view of the bandh call given by separatist outfits, the officials said.

The authorities had restored 2G internet services in Kashmir on January 25, more than five months after snapping all communication facilities in the valley following abrogation of Article 370 on August 5 last year.

Police on Saturday lodged an FIR against the banned Jammu Kashmir Liberation Front (JKLF) for calling a strike on Afzal Guru's death anniversary.

Guru was hanged in 2013 inside Tihar jail for his role in the Parliament attack in December 2001.

Two journalists were summoned by police for reporting the JKLF press release, which had called for strike on Sunday and Tuesday -- the death anniversary of the outfit founder Mohammad Maqbool Bhat.

They were let off after five hours of questioning. Bhat was hanged in 1984 and is buried inside Tihar jail.

Meanwhile, normal life in Kashmir was affected due to the strike, the officials said.

Markets and business establishments remained closed, while public transport was largely off the roads, they said.

There have been no reports of any untoward incident from anywhere in the valley so far, the officials added.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
May 14,2020

Wayanad, May 14: Coronavirus scare has gripped the police in the district as around 70 personnel, including their chief, have gone on quarantine as a precautionary measure after three colleagues tested positive for the pathogen.

A day after three personnel of Mananthavady police station tested positive for COVID-19, District Superintendent of Police R Illango said on Thursday he and others decided to quarantine themselves as they had been in contact with some other colleagues from the station. Twenty four personnel, including a Deputy Superintendent of Police, have gone on quarantine after giving their samples for testing three days ago as a measure of abundant caution after a man questioned in Manathavady police station in connection with a case tested positive for the virus on May 9.

Of the 24, results of 18 have been received so far and three personnel tested positive on Wednesday, following which the station has been disinfected and virtually closed and contact tracing underway.

On Wednesday, the SP and some other police personnel had interacted with the DySp for close to an hour at a checkpost following which over 40 police personnel have voluntarily decided to go on quarantine.

"We are actually being over cautious. I have spoken to all the policemen. We know we are in the high-risk job. We are concerned that we might spread it to family members, public, or colleagues. So we want to maintain extreme caution", Illango, who is on home quarantine, told PTI.

With the three personnel testing positive in the state, Kerala Director General of Police Loknath Behera said the force should take all necessary precautions and fearlessly go ahead in the fight against the virus.

The three from Manathavady are believed to have contracted the virus after they came in contact with a man who was called to the station in connection with a case on April 28 and May 2. He later tested positive for COVID-19 on May 9. This man is suspected to be a contact of a truck driver, who has turned out to be a super spreader after returning to the district from Chennai's Koyambedu market, a hotspot, and had infected at least 10 others, including his wife, mother and grandchild.

The Mananthavady police station has been disinfected with the help of the Health Department and Fire Force personnel. Computers and wireless equipment have been shifted to other police buildings and the station's charge has been temporarily given to Vallamunda Station House Officer, a release from the DGP's office said. Two police personnel wearing personal protection equipment (PPE) kits would be at the station to take care of necessary work and a health worker posted to help them, it said.

Police personnel from other stations have been mobilised to meet any shortage, Illangosaid adding they need not come to the police station but directly go to the duty points. Meanwhile, the district health authorities said the standard operating procedure (SOP) has been initiated as soon as the test results of the three came by Wednesday noon. Accordingly, all personnel who were on duty were sent to nearby lodges and resorts for quarantine.

One of the policemen who tested positive had been to Sulthan Bathery police station and Muthanga area, where the DySP and few other officials were also present. This is being seen as a lapse on the part of the police department. However, police sources said none had directed the 24 personnel, whose samples were collected on Monday, to go on quarantine or abstain from duty. The health department is trying to map out the contact list of the police personnel to contain further spread from their direct and secondary contacts.

According to police sources, the Sulthan Bathery Circle Inspector, two sub-inspectors and about 18 police personnel of the Mananthavady police station are among those who have been put on quarantine. As part of containment measures, the courts in Sulthan Bathery and Mananthavady have been closed on Thursday, officials said. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.