Air India failed to get a single bidder for its disinvestment plan. (File)
New Delhi:
National passenger carrier Air India has invited bids from financial institutions and banks for a Rs 1,000-crore government guarantee-backed Short Term Loan (STL).
The airline has called for financial bids by June 13.
"Air India is inviting bids for Government Guaranteed INR STL totalling to Rs 1,000 crore to meet its urgent working capital requirements," the airline said in a tender document issued on June 5.
It further said, "The tenure of the loan will be for one year (renewable) from the date of availing the STL. The amount of Rs 1,000 crore will be drawn in June' 18 in one or more tranches. The government of India guarantee is presently valid for one year."