AI to use Boeing 777 sale proceeds to pay loan

Sale of five Boeing 777-200 Long Range aircraft to Abu Dhabi-based Etihad Airways estimated to fetch $336.5 mn for ailing national carrier

Air India, in the process of selling five Boeing 777 aircraft to Etihad and carrying out sale-leaseback of its Dreamliners, would use the proceeds to pay off aircraft loans and meet working capital needs.

The sale of five Boeing 777-200 Long Range aircraft to Abu Dhabi-based Etihad Airways is estimated to fetch $336 million to the ailing state carrier.

The title of these planes would be transferred to Etihad by April, official sources said on Sunday.

Air India’s debt and liabilities are estimated at Rs 20,000 crore.