Air India seeks foreign investment

Victoria
By Victoria April 16, 2012 19:49

Air India seeks foreign investment

Air India is seeking to raise working capital loans up to $1 billion from overseas markets, after the government approved the airline’s turnaround plan that will allow it to borrow up to $1 billion annually through the external commercial borrowing (ECB) route.

The airline has issued an “invitation of offers” for one-year funds at either a fixed or floating rate, and is open to any innovative structured financing package which reduces the financing cost.

The airline’s turnaround plan, which includes a financial restructuring plan (FRP), was approved by the government last week. The plan includes a Rs 30,000-crore equity infusion by the government over the next eight-year period and a debt recast of Rs 21,200 crore.

Victoria
By Victoria April 16, 2012 19:49
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