IA to raise Rs 2400 cr rupee loan

The state-owned Indian Airlines is in talks with IDBI to raise Rs 2,400 crore in rupee loan for financing the purchase of ten mint-fresh planes from Airbus, starting 2008.

This will be the first time the airline is seeking rupee financing for aircraft purchase. The move, sources said, will help India reduce the transaction costs. “The airline has got go ahead for rupee financing and is in talks with IDBI, which was among the financial institutions shortlisted for raising funds for its initial aircraft acquisition programme. India is now in talks with IDBI to finalise the terms and conditions,” a source said.

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