Air India has secured fresh funds worth INR 140bn from State Bank of India and Bank of Baroda through a mix of fresh loans and refinance of existing debt. According to sources, the fundraising is comprised of INR 125bn to refinance loans and INR 150bn obtained through the Government’s Emergency Credit Line Guarantee Scheme (ECLGS). These loans are benchmarked to State Bank of India’s six-month marginal cost of funds-based lending rate (MCLR) and are priced 50 basis points (bps) above it These funds will most likely be used to finance airline’s mega order to support its domestic and international expansion

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