AI seeks Rs 1,500-crore short term loans

New Delhi, Oct 21: National passenger carrier Air India has invited bids from banks for Rs 1,500-crore government guarantee-backed "Short Term Loans (STLs)".

The airline has called for financial bids by October 26.

"Air India is looking for Government Guarantee backed INR STLs totaling up to Rs 1,500 crore to meet its urgent working capital requirements," the airline said in a tender document.

"The tenure of the loan will be up to June 27, 2018 extendable from the date of availing the STL. The amount... will be drawn in one or three tranches."