Air India plans to take Rs 3,250 cr loans for ‘urgent’ capital needs

| | New Delhi

National carrier Air India plans to take short-term loans of up to Rs 3,250 crore to meet ‘urgent working capital requirements’, according to a document.  The disinvestment-bound airline, which is staying afloat on taxpayers’ funds, expects to get the Central Government’s guarantee for the proposed borrowings shortly.

As part of efforts to revive the loss-making Air India, a ministerial panel is working on the modalities for strategic disinvestment of the carrier and its five subsidiaries. Against this backdrop, the airline seeking short-term loans assumes significance as it implies possible funds crunch. In a tender document issued today, the carrier said it is “looking for Government guarantee backed INR short-term loans totalling up to Rs 3,250 crore in the first phase to meet its urgent working capital requirements by September 25, 2017”.         



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