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IndiGo inks USD 2.6 billion deal with Chinese bank ICBC
Updated : Mar 19, 2018, 05:20 AM IST
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Indian and Chinese businesses on Wednesday inked agreements worth USD 3.43 billion, including the USD 2.6 billion deal between low-cost carrier IndiGo and China's largest Industrial and Commercial Bank of China Ltd (ICBC). Under pact with IndiGo, ICBC will finance the no-frill airline's plans to purchase over 30 aircrafts.
The announcement of MoUs, signed at a India-China business meeting organised by Federation of Indian Chambers of Commerce and Industry (FICCI), coincides with the visit of Chinese President Xi Jinping, who arrived in Ahmedabad on Wednesday for a three-day visit to India.
The Gurgaon-based carrier signed the memorandum of understanding (MoU) with the ICBC Financial Leasing Company Ltd to execute the deal. "Through this MoU, Industrial and Commercial Bank of China Ltd (ICBC) will provide IndiGo financial solutions for the introduction of A320 and the other family of aircraft to the fleet in the form of sale and lease back or financial lease or commercial lending. The number of aircraft would be over 30 and the value of the deal would reach to the amount of USD 2.6 billion," IndiGo President Aditya Ghosh told reporters.
Under the MoU, ICBC will provide financing for the planes through either a sale and leaseback, financial lease or commercial lending, IndiGo said in a statement. IndiGo, one of the few profitable airlines in the country, already has a relationship with ICBC and this new effort to further explore the collaboration will cement the relationship for the longer term, the statement said.
The no-frill carrier has 81 aircraft in its fleet at present. The other agreements inked cover a range of sectors such as aircraft leasing and financing, telecom, chemicals, wind power components, cotton yarn and fabric, synthetic fibre and seafood.
Some of the other agreements signed include the one between Reliance Communications and Huawei Telecommunications (India) Co. Pvt. Ltd for 2G and 3G network expansion, and a 450 MW wind power spare parts purchasing agreement between Mingyang Wind Power and Global Wind Power.
