Under the arrangement, Air India would sell the six planes to the lessor and immediately lease them back under an operating lease for 12 years with an option to extend, the carrier said in a tender statement. “Air India has fixed a reserve purchase price of $120 million (Rs 750 crore) for each aircraft,” the tender said.

“The SLB transaction will be supported with a government of India (GoI) guarantee which will cover the lease rental obligations during the lease period. In addition it may also include certain breakage costs, re-delivery conditions, and other potential losses under the operating lease agreement due to early termination of lease and capped to a maximum limit of $5 million per aircraft,” it added.

The six Dreamliners that have been offered to lessors have all been delivered between March and December 2014. The carrier has also sent a proposal to the government for outright purchase of the six Boeing aircraft. This is currently under consideration.

“Meanwhile, Air India wished to receive offers under both options, SLB and outright purchase. Air India reserves the right to accept offers either from SLB or outright purchase depending on the approval from the government for the purchase option,” the tender document added.

Air India, which took the delivery of its twentieth Boeing 787 on Wednesday, has already concluded SLB of 11 Dreamliners. The airline is currently in the final stage of concluding SLB for its twelfth Dreamliner.

Air India, which has ordered 27 787s, has seven more scheduled to be delivered.