Faced with higher borrowing costs in the country due to the Reserve Bank of India's aggressive rate hike cycle, Jet Airways Ltd plans to raise $210 million in fresh debt by the end of this fiscal to cut borrowing costs. The airline is also trying to convert part of its Rs 3,000 crore worth of loans into dollar loans. The airline had also raised close to Rs 200 crore in a land deal earlier this year and the sale and leaseback of aircraft is expected to fetch the company another $8-9 million an aircraft. The airline's total debt as of end-July stands at Rs 13,530 crore.
Its policy of going in for increased overseas borrowings is in line with plans by a number of other corporate houses, who are cutting down on borrowing costs by picking up dollar debts instead of rupee loans. However, the move has backfired for some in the current quarter as the dollar has surged against the rupee, increasing the borrowing costs for companies with a high amount of dollar debt.
It had taken delivery of the first next-generation Boeing 737-800 with Boeing's Sky Interiors. This is first of the 11 new Boeing 737-800 aircraft to be inducted into the airline's fleet. The remaining aircraft will be delivered between October 2011 and March 2013.
Company Name | CMP |
---|---|
Interglobe Aviation | 4608.45 |
SpiceJet | 57.20 |
Global Vectra Helico | 286.95 |
Taneja Aerospace | 437.50 |
TAAL Enterprises | 2884.45 |
View more.. |