Debt-laden Air India Ltd plans to raise ₹6,150 crore through a short-term loan from domestic lenders by the end of this month, the airline said in a tender document on Wednesday.
Proceeds of the loan, which would carry a sovereign guarantee, would be utilized to refinance foreign currency bridge loans taken to buy seven Boeing 787 and 777 planes. It is also offering aircraft such as Boeing 787 and 777 as collateral for the loan, which will be repaid in a year.
Air India will raise the total amount in seven tranches, which would consist of three tranches of ₹790 crore each, three tranches of ₹925 crore each, and one tranche of ₹1,005 crore, according to the bid document.
