Air India Parent Seeks Loan to Buy 7 Boeing Aircraft This Year

National Aviation Co. of India Ltd., the state-owned parent of carrier Air India, plans to borrow $1.06 billion to purchase seven aircraft from Boeing Co.

National Aviation wants loans in rupees or dollars from Indian and overseas banks to buy the planes and a spare engine, according to an advertisement on the company’s Web site. India’s government has guaranteed the loans, it said.

The company plans to obtain the aircraft this year, with the first delivery scheduled in June. India’s government created National Aviation in 2007 by merging international carrier Air India Ltd. with domestic counterpart Indian Airlines Ltd.

Source:www.bloomberg.com