(ET)
State-run Air India, which has failed to pay salaries to its over 11,000 employees on time for the third month in a row, has sought proposals for short-term loans worth Rs 1,000 crore to meet “urgent” working capital requirements. The Rs 1,000 crore loan will be drawn in June in one or more tranches, according to the bid document. The airline has requested banks to submit their financial bids by June 13, as per the document. “Air India is inviting bids for short-term loans (STL) totalling to Rs 1,000-crore to meet its urgent working capital requirement,” the bid document said. The tenure of the loan will be one year (renewable) from the date of availing STL, it said.
