Air India parent, the National Aviation Company of India Ltd (NACIL), announced plans to raise up to USD1.15 billion to refinance loans used to fund the acquisition of 21 Airbus aircraft (Bloomberg, 20-May-2010). NACIL is seeking rupee or US dollar denominated loans with maturity of at least 12 years, to repay a group of Indian lenders and reduce its interest payments.
Air India seeks to raise USD1.15bn to refinance debt
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India’s status as the fastest growing aviation market in the world creates tremendous opportunities. But risks are also heightened as the inadequacy of India’s infrastructure planning, a fast emerging shortage of skills, flawed policy initiatives, and weak regulatory oversight threaten to become major stumbling blocks. The potential is enormous; but unless government bites the bullet, it will be seriously constrained.
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