The central government on Wednesday said the national passenger carrier Air India has recently secured a $300 million loan to meet its working capital requirements.
According to Minister of State for Civil Aviation Mahesh Sharma national passenger carrier Air India has concluded an agreement with Citi Bank and State Bank of India (SBI) for the $300 million loan.
"Air India has concluded agreement for loan of $300 million external commercial borrowing (ECB) to meet its working capital requirements, especially towards aircraft spare payments," Sharma said in a written reply to a question in the Rajya Sabha.
"The said amount is being drawn in installments. The ECB loan has an average maturity of three years and is repayable over five years in installments."