Tata Group had bought Air India last year for Rs 18,000 crore with a huge debt of Rs 15,000 crore. Now Tata has arranged a loan of Rs 14,000 crore from two government banks for Air India.
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When Tata Group signed a deal to buy Air India for Rs 18,000 crore in January last year. Then along with this deal, he also got the burden of outstanding loan of Rs 15,000 crore on Air India. This loan on Air India increased in those years when it was controlled by the government. Means the loan of Air India was government. Now to repay this loan, Tata Group has arranged government money.
Air India State Bank of India (SBI) and Bank of Baroda (BoB) Funds of Rs 14,000 crore have been raised from There are some new loans in this, while only some old loans have been restructured.
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Air India will take government guaranteed loan
Quoting sources aware of the matter, Mint has said in a report that Air India has secured a loan of Rs 14,000 crore. Of this, Rs 12,500 crore is restructuring of its existing loan only. While the ‘Emergency Credit Line Guarantee Scheme’ launched at the time of Rs 1,500 crore Kovid (ECLGS) collected from.
The source informed that Air India has got this loan from SBI and Bank of Baroda at a rate of 0.5 percent more than SBI’s 6-month loan interest rate (MCLR). The current MCLR on SBI’s 6 months loan is 8.4 percent.
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During the Corona period, the government had launched the Emergency Credit Line Guarantee Scheme to help small shopkeepers and businesses. Under this scheme, if any loan gets drowned, then its guarantee will be given by the government. Later this scheme was expanded to many sectors affected by Corona. Under this, Tata Group has raised Rs 1,500 crore for Air India.
If this whole exercise is to be understood in a simple way, then Air India has now raised loans from government banks to repay the debt which increased on Air India while being in the hands of the government.
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Air India’s tremendous expansion plan
On one hand, Air India is under the burden of huge debt. On the other hand, Tata Group has planned to expand Air India. The company has ordered Airbus and Boeing to buy 470 new aircraft. This order is worth about Rs 5.5 lakh crore.
Apart from this, Tata Group is restructuring Air India from a new end. For this, Vistara and AirAsia India are going to be merged in Air India and Air India Express. At the same time, the company has introduced Voluntary Retirement Scheme for the employees.VRS) is introduced.
VRS will affect about 2000 employees and the company will have to pay Rs 200 crore. While to make Air India young and vibrant, the company is also going to recruit new cabin crew and pilots. By the way, the number of present employees of Air India is around 11,000.