Oil and Natural Gas Corp on Friday said it has entered into a Memorandum of Understanding with Indian Airlines to take two aircraft on lease to meet its operational requirements.
As per the MoU, the state-run carrier will also enter into a service contract for operation and maintenance of these aircraft, including provision of flying and cabin crew, ONGC said in a release.
Indian Airlines will also be responsible for the safety of the fleet and passengers. The seating capacity of the aircraft would be 9 and 12, with the flexibility to change the configuration, it said.
The commercial terms would be based on industry standard and on long-term lease, it said, adding ONGC has retained the option to convert the lease into purchase during the currency of the lease contract at agreed terms.
ONGC would use the aircraft for moving its personnel, especially those involved in crisis management, to operational locations and work-centres, the oil giant said.