Air India to acquire Dreamliners in May

After a delay of almost three years, Air India can now look forward to inducting the first Boeing 787 Dreamliners by May.

The first of these aircraft is likely to be inducted May, after it gets operational and technical certifications from the US Federal Aviation Administration, the Directorate-General of Civil Aviation and other agencies, official sources said. Air India has ordered 27 Dreamliners.

Meanwhile, the US aircraft manufacturer Boeing said the first Dreamliner painted in Air India livery would be on display for three days at the Hyderabad Airshow, starting March 14.

“The super-efficient Boeing-787 Dreamliner is set to make its debut at Hyderabad as part of Boeing’s commercial products showcase at the 2012 India Aviation Airshow,” a Boeing spokesperson said. The aircraft will land at Begumpet Airport on the eve of the airshow.

The delivery of the Dreamliner, built of composite materials which Boeing claims will help to reduce fuel consumption significantly, has been delayed for almost three years for which Air India has sought a hefty compensation from the manufacturing company.

The government wants the compensation issue to be sorted out before Air India starts inducting the aircraft.

Burdened by cash crunch, Air India has decided to sell and leaseback the first seven of the 27 aircraft it has ordered and is looking for bridge financing worth $ 230 million.

Under leaseback arrangement, one party sells a property to a buyer who immediately leases it back to the seller, allowing the initial buyer to make full use of the asset while not having capital invested.