Air India, an airline company and subsidiary of domestic and international air transportation services provider Air India Limited, is planning sell and leaseback seven wide-body aircraft, securing $850 million from the deal.
The sale-and-leaseback process will allow Air India to sell the aircraft, which will then be leased back to it by the buyer for 12 years with the option to lease for another three years.
The company plans to sell six Boeing 787-8 Dreamliner aircraft and one Boeing 777-300 ER aircraft.
Air India plans to use the sales proceeds to repay its bridge debt and clean up its balance sheet.