Tatas chooses SBI and two other banks to finance Air India’s old debt

Daily Current Affairs / Tatas chooses SBI and two other banks to finance Air India’s old debt

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Category : Business and economics Published on: February 01 2022

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The Tata Group has chosen State Bank of India, Bank of Baroda, and HDFC Bank as preferred bankers for Air India.
Recently Tata Group has taken over Air India from the government.
Air India is the largest international carrier out of India with an 18.6% market share.
Tata Sons have availed of a Rs 10,000-crore loan from SBI and a Rs 5,000-crore loan from BoB.
The loan from HDFC Bank is not known yet. The loans are unrated, unsecured, and pegged at 4.25% [interest rate] annually.