AZB & Partners, led by Managing Partner Zia Mody, advised the National Aviation Company of India Ltd. (NACIL) on the financing for its new fleet of Boeing aircraft. NACIL took delivery of nine planes from the Boeing Company (seven B-777-200LR and B-777-300ER aircraft and two B-737-800 aircraft), within a span of 4 months, with financing from Standard Chartered Bank. This transaction is part of an order NACIL made in 2005 for 111 aircraft at a list price of nearly $15 billion (Rs. 70,417 crores).

Standard Chartered, advised by Amarchand Mangaldas, made a bridge loan of $905 million (Rs. 4,248 crores) to NACIL. AZB advised the company on all loan and security documentation, as well as the procedures required in relation to the import and induction process. The loan is being refinanced by JP Morgan, which won a tender in May this year to arrange a $1 billion (Rs. 4694 crores) loan to NACIL. JP Morgan was advised on this transaction by Milbank Tweed.

Clifford Chance, which has a 'best friends' arrangement with AZB, acted as the international counsel to NACIL on the loan. Clifford Chance has previously represented NACIL's Air India and Indian Airlines on several transactions.

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