Air India (AI, Delhi International) has secured USD200million in funding from the State Bank of India and the Bank of India (BoI) for the purchase of three B787-8s from Boeing (BOE, Washington National). As previously reported, once acquired, the Dreamliners will then be proffered to leasing companies on a sale and leaseback basis.

Quoting unnamed sources, the Times of India said Air India has also received a credit of USD288million from Standard Chartered Bank to pay off fuel debts as well as simulators and spare parts.

The Indian national carrier has already disposed of five B777-200(LR)s to Etihad Airways (EY, Abu Dhabi International) in a bid to raise USD500million to finance the purchase of five B787s.