Air India offers to lease 5 Boeing 777-200 planes

Within days of deciding to sell and leaseback the first seven Boeing 787 Dreamliners it will receive till this June, Air India has offered to lease five of its eight Boeing 777-200 planes for 8-10 years, officials said.

The national carrier has floated a global tender to dry-lease these B 777-200 (Long Range) aircraft, four of which were manufactured in 2007, one in 2008 and three in 2009.

The move came days after the ailing national carrier decided to sale and leaseback seven of its Dreamliners and started looking for bridge financing worth $230 million.

These B 777s are on US Exim Guaranteed financing and are being offered as sub-lease, the officials said.

The decision to lease out the Boeing 777s came in the backdrop of the planned induction of the B 787s, the first of which is expected to arrive later this month. The second Dreamliner would be inducted in March, the third in April and two each in May and June.

The officials said the composite-material built Dreamliners would replace the B-777s on the long-haul, non-stop routes like those to the US and Canada.

The airline is also contemplating launching direct flights to Australia with these aircraft, they said.

Air India is also looking for interim bridge financing for accepting delivery of the first two B 787-8 planes and has invited offers from banks and financial institutions to arrange for $230 million or equivalent of cost of two planes.