Tatas pick SBI, two other banks to finance Air India’s old debt

The Tata Group have chosen State Bank of India, Bank of Baroda and HDFC Bank as preferred bankers for Air India, the country’s largest international airline that it took over from the government on Thursday, people aware of the matter said.

Tata Sons on Thursday availed of a Rs 10,000-crore loan from SBI and a Rs 5,000-crore loan from BoB, one of them said. The loans are unrated, unsecured, and pegged at 4.25% [interest rate] annually, the person said.