March 14, 2012 / 6:07 AM / 6 years ago

India says Boeing to pay over $500 mln to Air India

Hyderabad, INDIA, March 14 (Reuters) - Boeing Co has agreed to pay little over $500 million as compensation to state-run carrier Air India for delayed aircraft delivery, a senior government official told reporters on the sidelines of an industry event.

Cash-strapped Air India is negotiating for more compensation from Boeing, said Prashant Sukul, joint secretary, ministry of civil aviation.

Deliveries on the national carrier’s 2005 order for as many as 50 long-range Boeing jets worth about $6 billion has been delayed by more than 3 years.

Last month a source had told Reuters Air India was seeking nearly $1 billion from Boeing to compensate for the delays.

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