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Indian banks set to play vital role in aircraft finance
12 March 2009
As international banks become increasingly cautious and expensive, Indian banks are set to step in to bridge the gap and help fund the country’s aircraft deliveries.
Indian carriers may well face a host of challenges this year, but one thing they can rely on is support from the country’s financial institutions. Indian banks are set to play an ever-increasing role in aircraft finance.
The upbeat message was delivered today at Airfinance Journal’s conference in New Delhi and provided welcome refreshment to delegates thirsty for good news.
Air India’s executive director S Venkat highlighted the rising prominence of local banks. The airline is due to close a $1.1 billion transaction for 23 narrow-body Airbus aircraft with a syndicate of Indian banks.
“We have found recently that a lot of Indian banks are participating for the first time in aircraft transactions and have developed infrastructure funds for this purpose,” said Venkat.
He added that a recent request for proposals for seven 777s had attracted strong interest from both Indian and...
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