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Air India on the verge of defaulting on bank loans again, says report

Air India on the verge of defaulting on bank loans again, says report

Air India on the verge of defaulting on bank loans again, says report
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By CNBC-TV18 Aug 23, 2018 10:17:31 AM IST (Published)

State-owned Air India is once again on the verge of defaulting on bank loan repayments and the aviation ministry has sought Rs 500 crore from the finance ministry on an urgent basis, The Economic Times reported.

State-owned Air India is once again on the verge of defaulting on bank loan repayments and the aviation ministry has sought Rs 500 crore from the finance ministry on an urgent basis, The Economic Times reported.

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“A letter has been sent (to the finance ministry) to release the money in the interim so that payments can be made to banks,” an aviation ministry official told the newspaper.
The Rs 500 crore sought from the finance ministry will be over and above the Rs 1,500 crore Air India is raising as a short-term loan from Bank of Baroda. The short-term loan is likely to be exhausted in funding commitments other than bank loan repayments.
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