New Delhi :
A consortium of lenders led by the State Bank of India has agreed to provide loans to the Tata Group for smooth operations of loss-making airline Air India. The Tata group in October last year along with Air India Express won the bid to acquire 50 per cent stake in Air India and AISATS. The group today formally completed the acquisition of the airline.
Sources said the SBI-led tie-up has agreed to provide both term and working capital loans as per Air India’s requirements. According to sources, all major lenders including Punjab National Bank, Bank of Baroda and Union Bank of India are part of this alliance.
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The same banks say that the fixed-term loan to Tales will help eliminate Air India’s high-cost borrowings. However, the amount of loan given by the banks is not known at the moment.
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It is worth noting that Tata Group’s holding company Tales Private Limited had won the bid to acquire debt-ridden Air India for Rs 18,000 crore on October 8, 2021.
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(Except for the headline, this news has not been edited by the NDTV team, it has been published directly from the Syndicate feed.)