New Delhi, Oct. 15 -- Standard Chartered and the Bank of India will jointly finance a $215 million term loan to an Air India subsidiary for the financing of six Boeing 777-300ER aircraft.

The Air India subsidiary, AI Fleet Services IFSC Ltd (AIFS), is based in Gujarat International Finance Tec-City (GIFT City), in Ahmedabad.

The seven-year financing for Boeing 777-300ER aircraft is part of the airline's ongoing fleet renewal and expansion plans, which aim to increase its fleet to 570 aircraft, according to a joint statement by the lenders and the airline.

Sanjay Sharma, chairman of AIFS and CFO of Air India, in a statement, said: "Air India has embarked on a five-year transformation journey, placing an order for 570 aircraft, and GIFT ...