Air India is seeking $1.15 billion to refinance the purchase of 21 new A320s. Airbus has already delivered four A320s of the  eight A321 and nine A-319s ordered. The original order was financed by rupee loans equivalent of $1.15 billion from a consortium of IDBI-led Indian banks with government guarantee. This loan had a moratorium of two years. While the airline is trying to get sovereign guarantee from the government for this fresh loan, it may mortgage the aircraft to relieve its debt burden.

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