Air India close to new financing agreement

Following a recent tender process, Air India is reported to be close to an agreement for $300 million through an external commercial borrowing (ECB) for working capital in a three year deal from foreign banks and foreign financial institutions. The State Bank of India (SBI) and Citibank are members of a consortium which is reported to be the frontrunner for lending Air India the funds required for repairing the airline’s grounded aircraft. Bank of India and Credit Suisse Group are also reported to be in the running. If the SBI-led consortium wins the mandate, SBI will lend $100 million with