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       Bank of India to commission Rs 1500 crore to Air India
 
         Posted on :20:06:39 Nov 12, 2017
   
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       Last edited on:20:06:39 Nov 12, 2017
         Tags: Bank of India to commission Rs 1500 crore to
 

NEW DELHI: National carrier Air India will soon receive a loan worth Rs. 1,500 crore from the Bank of India towards the former's working capital requirements.

A senior official from Air India told reporters that the money would be disbursed from next week via instalments.

Prior to the current funding round, reports suggest that the airline had borrowed around Rs. 3,000 crore as short tenure loans from two lenders - the IndusInd Bank and the Punjab National Bank.

The national carrier has a debt burden of more than Rs. 52,000 crore.

The previous UPA Government had extended a bailout package worth little over Rs. 30,000 crore to the national carrier for a ten-year period starting from 2012.

The Air India group flies to 44 overseas and 75 domestic destinations. Flights operate to Copenhagen, Tokyo, Washington, Stockholm, Sydney, Hong Kong, Kabul, Colombo, Seoul, Singapore and London, among other foreign cities.

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       BUSINESS
Next Article: BJP slams Cong for claiming credit over GST rate cuts
 
 
BUSINESS HEADLINES
43.67 lakh biz file initial GST returns for October  
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Sensex loses sheen, IT, metal stocks weigh  
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HC judges, experts brainstorm on likely GST litigations  
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Nothing to celebrate Moody's rating: Yechury  
Moody's rating is answer to sceptics: Arun Jaitley  
Moody's ups India credit rating  
Sensex zooms 414 points after Moody's ups India rating  
Industry pitches for bringing natural gas under GST  
Cabinet permits export of all types of pulses  
Sensex opens in green on value-buying, climbs 164 points  
US dollar ends cheaper against rupee  
Indian companies create 113 K jobs in US: Report  
Largest diamond ever auctioned sold for record $34 mn in Geneva  
Wholesale inflation caps six-month high at 3.59pct for Oct  
SBI reduces employee strength; more people set to retire  
Sensex trades high, takes retail inflation in stride  
Foreign tourist arrivals up by 18.1 pct this Oct  
 
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