ICICI Bank to fly the Indian way (IIPM Publication)

A Memorandum of Understanding (MoU) has been signed between Indian (earlier known as Indian Airlines) and ICICI bank to facilitate the aircraft acquisition of the state-owned airline. The ICICI Bank would fund the pre-delivery advance payments (PDPs), which would be an External Commercial Borrowing (ECB) of $152 million. Apart from the PDP funding, the bank will also help Indian to apply for Export Credit Agencies (ECA) to get long-term funds. The agreement would be spread over a period of four years, starting from June 2006 till January 2010.

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Source: Publication, IIPM