Financially struggling Air India has invited proposals from banks and financial institution to raise the funds for $500 million in bridge financing for four Boeing 787s scheduled for delivery between June and December, and a further $300 million for its subsidiary Air India Charters Ltd., which operates low-cost Air India Express. The airline is likely to offer aircraft or some other equivalent collateral as security and will repay the loan after selling and leasing back the four aircraft, an Air India official tells Aviation Week.

The minister also notes that the country's aircraft maintenance, repair and overhaul capacity is lacking.

NEW DELHI — India is expediting the purchase of 384 light helicopters to replace the current fleet of Cheetah and Chetak aircraft in the Indian army and air force. The Eurocopter AS 350 Fennec and Russian Kamov 226 Sergei are in the running for the requirement, a program expected to be worth more than $1.5 billion.