New Delhi, Nov 23: Air India has mopped up Rs 7,000 crore by selling nine of its 21 Dreamliner planes to a Singaporean lessor, which it has taken back on lease from the company under an SLB arrangement.
A major chunk of these funds will go into repayment of the bridge loan availed earlier for purchasing these Boeing 787-800s.
Under a Sale and Lease Back (SLB) arrangement, the seller of an asset leases it back from the purchaser for a long-term period and continues to use it without actually owning it.
Air India has 131 aircraft in its fleet, consisting of Boeing, Airbus and ATR planes as well as CRJs. Of these, 21 are Boeing 787-800s.
Earlier also, the flag carrier had sold and leased back 12 Dreamliners under a similar arrangement.
Sources said that of the total proceeds, about Rs 6,000 crore will be used for repayment of the bridge loan taken against these planes at the time of acquisition while the remaining Rs 1,000 crore will be utilised for other purposes.
