Debt-laden Air India Ltd is set to raise about ₹1,000 crore this week to complete a total fundraising of about ₹6,150 crore in short-term loans from local lenders, said two people with direct knowledge of the matter. Air India planned to raise a total of ₹6,150 crore in seven tranches, comprising three tranches of ₹790 crore each, three tranches of ₹925 crore each, and one tranche of ₹1,005 crore, according to the bid document. Spokespersons at Air India were not immediately available for comment. Air India has liabilities and provisions, including short-term loans and trade payables, of ₹70,686.6 crore and a net debt of ₹58,255 crore at the end of FY19—the latest available data. The government has earlier transferred ₹29,464 crore of this debt from Air India to a government-owned special purpose vehicle, Air India Assets Holding Co. Ltd.

Source: Mint December 06, 2020 23:15 UTC