Under the memorandum of understanding, ICBC will provide IndiGo, India's largest airline by market share, with financing for the planes through either a sale and lease back or commercial lending deal.
Carrier IndiGo has signed a USD 2.6 billion deal with Industrial and Commercial Bank of China (ICBC) for the lender to finance more than 30 new aircraft, the company said in a statement on Wednesday.
Under the memorandum of understanding, ICBC will provide IndiGo, India's largest airline by market share, with financing for the planes through either a sale and lease back or commercial lending deal, the statement quoted IndiGo President Aditya Ghosh as saying.
The announcement comes on the day Chinese President Xi Jinping arrived in India , where the two countries are expected to sign trade and investment deals worth billions of dollars.
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