Tata to raise Rs 15,000 Crore working capital debt for Air India
By MYBRANDBOOK
The Tata group is in discussion with banks to raise working capital loans worth Rs 15,000 crore for AirIndia. The loan is likely to have a three-year term with a yearly reset rate between 7.5 and 8%.
The money will be used to pay aircraft rentals, refurbish the fleet, cover day-to-day air operations and losses, and overhaul IT operations. The airline aims to triple its current fleet of 113 aircraft in the next five years.
The funds will be used to cover daily air operations and losses, for restoring the fleet, paying for aircraft rentals, and overhauling IT systems. Last year, State Bank of India (SBI), HDFC Bank, and Bank of Baroda provided a Rs 23,000 crore, unrated, unsecured loan to Talace, a Tata Sons company that won the bid for Air India, at a rate of 4.25 percent.
The airline aims to triple its current fleet of 113 aircraft in the next five years. In September, it agreed to lease five Boeing wide-bodies and 25 Airbus narrow-bodied planes for the next few years. The planes will be added to the fleet in 15 months, starting in December. The carrier has also agreed to short-term leases which might be expensive.
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