AMN / NEW DELHI
National Carrier Air India has sought proposals for short-term loans worth one thousand crore rupees to meet its urgent working capital requirements.
According to the bid document, one thousand crore loan will be drawn in June in one or more tranches. The airline has requested banks to submit their financial bids by 13th of this month.
The tenure of the loan will be one year (renewable) from the date of availing short-term loans. Amid fund crunch, during which Air India also had to defer its staff salaries, the airline borrowed 6,250 crore rupees from various banks between September last year and January this year for working capital requirements and other needs.
The debt-ridden Air India, has not paid salaries of the staff for the month of May. The government had attempted to sell 76 percent stake in of national carrier which came a cropper last month after it did not get even a single bidder.