Air India will raise $330 million bridge loan to finance the acquisition of three Boeing 787 planes.
The national carrier has 27 Boeing 787s on order and has inducted 18 planes till now. The aircraft are used on both international and domestic routes including Europe, East Asia, Russia and Australia.
Air India will be taking delivery of three more planes by next June and the bridge loan will be used to fund the purchase.
The carrier has sought bids from banks for a loan with a term of 12-18 months. Air India has said it will repay the loan after completion of sale and lease back of the planes. Till now its has done sale and lease back of 11 Boeing 787s.