Tata to raise Rs 15,000 Crore working capital debt for Air India
By MYBRANDBOOK
The Tata group is in discussion with banks to raise working capital loans worth Rs 15,000 crore for AirIndia. The loan is likely to have a three-year term with a yearly reset rate between 7.5 and 8%.
The money will be used to pay aircraft rentals, refurbish the fleet, cover day-to-day air operations and losses, and overhaul IT operations. The airline aims to triple its current fleet of 113 aircraft in the next five years.
The funds will be used to cover daily air operations and losses, for restoring the fleet, paying for aircraft rentals, and overhauling IT systems. Last year, State Bank of India (SBI), HDFC Bank, and Bank of Baroda provided a Rs 23,000 crore, unrated, unsecured loan to Talace, a Tata Sons company that won the bid for Air India, at a rate of 4.25 percent.
The airline aims to triple its current fleet of 113 aircraft in the next five years. In September, it agreed to lease five Boeing wide-bodies and 25 Airbus narrow-bodied planes for the next few years. The planes will be added to the fleet in 15 months, starting in December. The carrier has also agreed to short-term leases which might be expensive.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : RAJENDRA SINGH PAWAR
Rajendra Singh Pawar is the Executive Chairman and Co-Founder of NIIT ...
Icons Of India : Deepak Sharma
Deepak Sharma spearheads Schneider Electric India. He brings with him ...
Icons Of India : PRATIVA MOHAPATRA
Prativa is a transformational leader with an incredible breadth of exp...
IFFCO - Indian Farmers Fertiliser Cooperative
IFFCO operates as a cooperative society owned and controlled by its fa...
PFC - Power Finance Corporation Ltd
PFC is a leading financial institution in India specializing in power ...
UIDAI - Unique Identification Authority of India
UIDAI and the Aadhaar system represent a significant milestone in Indi...
Indian Tech Talent Excelling The Tech World - Lal Karsanbhai, President & CEO, Emerson
Lal Karsanbhai, President and CEO of Emerson, assumed the leadership i...
Indian Tech Talent Excelling The Tech World - PADMASREE WARRIOR, Founder, President & CEO - Fable
Padmasree Warrior, the Founder, President, and CEO of Fable, is revolu...
Indian Tech Talent Excelling The Tech World - NEAL MOHAN, CEO - Youtube
Neal Mohan, the CEO of YouTube, has a bold vision for the platform’s...