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Air India Knock Banks for Financing #110 Million For 6 Dreamliner Purchase

[New Delhi]Air India Turns to Banks for Financing #110 Million For Dreamliner Purchase
National carrier Air India is seeking offers from banks and financial institutions to raise # 110 million for making the advance payment for six Dreamliner (Boeing 787-8) aircraft which the carrier has to acquire during the next fiscal.
As per Invitation of Offers posted on website Air India is seeking these funds on floating as well as fixed interest rates or both, The state-run airline currently has 21 Dreamliners in its fleet.
Air India had in January, 2006, placed orders for
68 aircraft with Boeing —
27 Dreamliners and
41 B-777s and
B-737-800s.
As per the agreement, the airline is required to make an advance of 10 per cent of the gross cost of the aircraft 12 months prior to its scheduled delivery.According to the Boeing Company website, the listed price of a Boeing 787-8 aircraft was USD 218.3 million in 2014.
Air India has a fleet of 114 planes, comprising Boeing, Airbus, ATR and regional jets.