Air India has invited bids for Rs 1,000-crore Short Term Loan (STL) from financial institutions and banks to meet its “urgent working capital requirements.” The airline has called for financial bids by June 13.
“Air India is inviting bids for Government Guaranteed INR STL totalling to Rs 1,000 crore to meet its urgent working capital requirements,” the airline said in a statement issued on June 5.
“The tenure of the loan will be for one year (renewable) from the date of availing the STL. The amount of Rs 1,000 crore will be drawn in June’18 in one or more tranches. The government of India guarantee is presently valid for one year,” it added.
The national carrier recently failed to get even a single bidder for its disinvestment plan.
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