Tuesday 29 May 2012

Loan to Re-Finance Aircraft

Shri Ajit Singh, the Minister of Civil Aviation informed Lok Sabha today in a written reply that the re-financing of new 21 A-320 family aircraft has already been completed on 27.9.2011. The re-financing was through issuance of Rated, Unsecured, Taxable, Redeemable, Government of India Guaranteed Non-Convertible Debentures (NCDs) aggregating to Rs 5,500 crores on 27.9.2011. 

The Minister further informed that a tender has been floated for sale of the six B 737-200 freighter aircraft, because of the highly uneconomic nature of the Cargo business operated by this fleet. The proposal for Air India to set up a cargo hub at Nagpur was based on planned operation of cargo freighter fleet. Since Air India has decided to phase out/dispose off the 6X B737-200 freighter aircraft, the proposal to set up a cargo hub at Nagpur has been shelved for the present, the Minister said in his reply. 

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