UAE banks to pro­vide loan to Air In­dia

Banking Frontiers - - Banking In The Gulf -

UAE’s First Abu Dhabi Bank is among the three banks that will of­fer short-term loans to In­dia’s na­tional car­rier Air In­dia to buy 3 Boe­ing 777 air­craft. The other banks are Stan­dard Char­tered Bank and Mashreq Bank. In­dia’s min­is­ter of state for civil avi­a­tion Jayant Sinha said Air In­dia has signed short-term buy­ers credit fa­cil­ity agree­ment with First Abu Dhabi Bank jointly with Stan­dard Char­tered Bank and Mashreq Bank for ac­quir­ing 3 B777-300ER air­craft. Air In­dia, the own­er­ship of which the gov­ern­ment in­tends to di­vest, had is­sued a re­vised ten­der (after first float­ing it in Oc­to­ber), so­lic­it­ing in­ter­est from lenders for a loan worth up to $535 mil­lion (around Rs3,460 crore).

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