UAE banks to provide loan to Air India
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).