Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

India's IndiGo agrees $2.6 billion aircraft finance deal with China's ICBC

Published 17/09/2014, 10:57
© Reuters An IndiGo Airlines A320 aircraft is parked on the tarmac at Bengaluru International Airport in Bangalore
601398
-

NEW DELHI (Reuters) - Indian carrier IndiGo has signed a $2.6 billion (1.6 billion pounds) deal with Industrial and Commercial Bank of China (ICBC) for the lender to finance more than 30 new aircraft, the company said in a statement on Wednesday.

Under the memorandum of understanding, ICBC will provide IndiGo, India's largest airline by market share, with financing for the planes through either a sale and lease back or commercial lending deal, the statement quoted IndiGo President Aditya Ghosh as saying.

© Reuters. An IndiGo Airlines A320 aircraft is parked on the tarmac at Bengaluru International Airport in Bangalore

The announcement comes on the day Chinese President Xi Jinping arrived in India, where the two countries are expected to sign trade and investment deals worth billions of dollars.

(Reporting by Tommy Wilkes; Editing by Sunil Nair)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.