Debt-laden national carrier Air India has invited bids from banks and financial institutions to raise up to USD 1 billion via external commercial borrowings, according to an offer letter seen by Reuters.
Funds will be used for working capital, as per the document, with interested arrangers asked to submit bids by May 4.
The firm is looking to raise one-year funds at either fixed- or floating rates, according to the document.
Air India is due to receive an equity infusion of Rs 67,500 crore in the current fiscal year and will spin-off two of its units as part of a financial restructuring plan approved by the federal cabinet.
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