<p>Mumbai: Japanese lender Sumitomo Mitsui Banking Corporation (SMBC) on Wednesday said that the Tata Group-owned Air India has borrowed Rs 997 crore ($120 million) from it for purchasing a wide-body aircraft from Airbus.</p>.<p>The transaction has partly financed Air India's purchase of an A350-900 aircraft from Airbus, which was delivered in October 2023, according to an official statement.</p>.<p>SMBC said this is a secured debt facility through its Singapore branch, while Air India's GIFT City-headquartered arm AI Fleet Services is the borrower.</p>.Air India rejigs 250-aircraft Airbus order.<p>The purchase is part of the mega announcement by the Tatas to buy a total of 470 aircraft from Boeing and Airbus, and AI has also contributed equity.</p>.<p>According to some reports, an Airbus A350-900 aircraft is priced above Rs 2,494 crore ($300 million).</p>.<p>"SMBC Group is pleased to expand upon its long-established relationship with Tata Group through this deal," the lender's country Head for India Hiroyuki Mesaki said.</p>.<p>He added that this is the bank's first-of-its-kind transaction for aircraft finance lease.</p>.Air India unveils new uniforms for cabin, cockpit crew.<p>Nipun Aggarwal, Air India's Chief Commercial and Transformation Officer, said the aircraft was among the first deliveries in the company's large aircraft order announced earlier this year.</p>.<p>"This transaction is also a major step in expanding our aircraft financing business through GIFT City, India's first International Financial Services Centre (IFSC)," Aggarwal added.</p>.<p>The SMBC statement said India is the fifth largest aviation market globally, and the sector is expected to continue growing significantly on tailwinds like emergence of a large and growing middle-class willing to travel.</p>
<p>Mumbai: Japanese lender Sumitomo Mitsui Banking Corporation (SMBC) on Wednesday said that the Tata Group-owned Air India has borrowed Rs 997 crore ($120 million) from it for purchasing a wide-body aircraft from Airbus.</p>.<p>The transaction has partly financed Air India's purchase of an A350-900 aircraft from Airbus, which was delivered in October 2023, according to an official statement.</p>.<p>SMBC said this is a secured debt facility through its Singapore branch, while Air India's GIFT City-headquartered arm AI Fleet Services is the borrower.</p>.Air India rejigs 250-aircraft Airbus order.<p>The purchase is part of the mega announcement by the Tatas to buy a total of 470 aircraft from Boeing and Airbus, and AI has also contributed equity.</p>.<p>According to some reports, an Airbus A350-900 aircraft is priced above Rs 2,494 crore ($300 million).</p>.<p>"SMBC Group is pleased to expand upon its long-established relationship with Tata Group through this deal," the lender's country Head for India Hiroyuki Mesaki said.</p>.<p>He added that this is the bank's first-of-its-kind transaction for aircraft finance lease.</p>.Air India unveils new uniforms for cabin, cockpit crew.<p>Nipun Aggarwal, Air India's Chief Commercial and Transformation Officer, said the aircraft was among the first deliveries in the company's large aircraft order announced earlier this year.</p>.<p>"This transaction is also a major step in expanding our aircraft financing business through GIFT City, India's first International Financial Services Centre (IFSC)," Aggarwal added.</p>.<p>The SMBC statement said India is the fifth largest aviation market globally, and the sector is expected to continue growing significantly on tailwinds like emergence of a large and growing middle-class willing to travel.</p>