NEW DELHI: A consortium of lenders led by State Bank of India (SBI) will soon provide loans to Tata Group for the operations of Air India as well as to retire the airline’s high cost borrowings.
After nearly 70 years, Tata Group on Thursday regained ownership of Air India. With the completion of the deal, the group will own 100 percent stake in Air India, Air India Express and a 50 percent shareholding in AISATS.
Bankers said the SBI-led consortium has agreed to grant both term loans and working capital loans depending on the airline’s requirements.
All large lenders, including Punjab National Bank, Bank of Baroda, and Union Bank of India, are part of the consortium, they added.
“Many banks have agreed for refinancing of Air Inida debt to Tatas and the process has begun,” one of the bankers said.
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