Air India is inviting bids for government-guaranteed loans totalling INR4.22 billion ($57.1 million).
A young doc on the flag provider’s web site states that the mortgage tenor shall be as much as one yr, and the complete quantity shall be drawn by 24 March.
The provider asks that banks submit their bids by 4pm on 20 March, indicating the principal quantity they’re prepared to supply. The financial institution with the bottom “all-inclusive rate of interest” shall be shortlisted first.
“If the mortgage quantity provided is decrease than the entire required quantity then the subsequent lowest bidder could be shortlisted for the stability quantity,” Air India says, including that it want to draw the short-term loans inside seven working days after awarding the bid to the profitable financial institution or banks.
Air India says it reserves the appropriate to repay or refinance the mortgage in the course of the tenor of the mortgage with none pre-payment penalty or requiring any discover interval.