New Delhi– National passenger carrier Air India has invited bids from banks for Rs 1,500-crore government guarantee-backed “Short Term Loans (STLs)”.

The airline has called for financial bids by December 12.

“Air India is looking for Government Guarantee backed INR STLs totalling to Rs 1,500 crore to meet its urgent working capital requirements,” the airline said in a tender document issued on Wednesday.

“The tenure of the loan will be upto June 27, 2018 extendable, from the date of availing the STL. The amount of Rs 1,500 crore will be drawn in December’17 or January’18 in one or more tranches.” (IANS)