Air India secures Rs 14,000 crore from State Bank of India, Bank of Baroda
Air India has raised Rs 14,000 crore from the State Bank of India (SBI) and Bank of Baroda (BoB) through a mix of refinancing of old loans and fresh loans, a report by Mint stated quoting people aware of the development.
Rs 1,500 crore has been obtained through the Emergency Credit Line Guarantee Scheme (ECLGS), and Rs 12,500 crore through the refinancing of existing loans. The ECLGS was first introduced during the Covid-19 pandemic to help small businesses but was later expanded to other sectors.
The Mint report stated that the funds would be used by the airline to expand in domestic as well as international markets.
