Air India seeks Rs 500 cr short-term loans

New Delhi : National passenger carrier Air India has invited bids from banks for Rs 500-crore government guarantee-backed "Short Term Loans (STLs)".

The airline has called for financial bids by September 10.

"Air India is inviting bids for Government Guaranteed INR Short Term Loans (STL) totalling to Rs 500 crore to meet its urgent working capital requirements," the airline said in a tender document issued on Thursday.

"The tenure of the loan will be for one year (renewable) from the date of availing the STL. The amount of Rs 500 crore will be drawn during September 2018 in one or more tranches."