Article Posted on : - Apr 02, 2011

A file photo of Air india A 310-300 plane.

NEW DELHI (PTI): In its bid to renew its fleet and earn some revenue, Air India has begun the process of selling three 25-year-old Airbus aircraft on "as is where is" basis.

The three A 310-300 planes, manufactured in 1986, are on a sale and lease-back arrangement with the UK-based Investec Bank and the national carrier has obtained the necessary authorisation from their owner and lessor for selling them.

While two of these wide-body twin-aisled planes are in fly-away condition, one is grounded at the Air India base in Mumbai.

The airline has floated a tender saying it wants to sell the three immediately and asked the bidders to deposit USD 25,000 as earnest money.

The payment schedule for the selected buyer would be ten per cent of the sale price as security deposit within ten days and full and final payment immediately upon signing the sale agreement, the tender said.

With newer planes in its fleet and Boeing's B-787 Dreamliners on the anvil of delivery, Air India plans to dispose off these aged aircraft in order to utilise the latest generation planes on long-haul routes.