New Delhi: Disinvestment-bound Air India has sought
proposals for short-term loans worth Rs 1,500 crore to meet “urgent”
working capital needs, according to a document.
This is the second time in little over a month that the flagship carrier has floated tenders for short-tenure loans even as the government is working on the modalities for the stake sale.
“The amount of Rs 1,500 crore will be drawn in one-three tranches... The
government guarantee is valid up to June 27, 2018, or till the date of
disinvestment,” the document said. With regard to the loan, the carrier
has requested banks to submit their financial bids along with the amount
they are willing to provide by October 26.
“Air India would like to draw the short-term loan within three working days after awarding the acceptance letter to the successful bank/s,” the document said.