Tata plans to borrow Rs 15,000 crore for Air India's working capital

The money will be used to cover day-to-day air operations and losses, refurbish the fleet, pay aircraft rentals and overhaul IT operations, according to sources

The Tata group is in discussions with banks to acquire working capital loans of approximately Rs 15,000 crore for Air India, the airline it purchased from the government last year and is making a valiant effort to revive it, reported The Economic Times.
 

According to a person with knowledge of the matter, the funds will be used to cover daily air operations and losses, for restoring the fleet, paying for aircraft rentals, and overhauling IT systems.
 

According to another source, the loan will have a three-year term with an annual reset of between 7.5 and 8 per cent.
 

Last year,