Air India invites offers for five Boeing 777-200LRs

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Air India has invited offers for the dry lease of five of its eight Boeing 777-200LR aircraft.

The aircraft, manufactured between 2007 and 2009, are up for a dry lease of between eight to 10 years, the airline said in the tender documents.

In early December, the state-owned carrier issued a request for proposal for the sale and leaseback of the seven Boeing 787-8s it is due to receive this year.

Under the proposal, Air India will sell the aircraft to the lessor and immediately lease them back under an operating lease of 12 years, with an option to extend the lease.

Meanwhile, the airline is looking for interim bridge financing of up to $230 million to pay for the two 787s it expects to receive by March.

At a recent board meeting, Air India said that a cabinet note is being moved by the country's Ministry of Civil Aviation for an equity infusion into the airline and for the approval of its financial restructuring plan.

The board approved the issue of Indian rupee (Rs) 75 billion ($1.4 billion) worth of preference shares to be allotted to lenders of the working capital as part of the plan.