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Air India Ltd., the loss-making national carrier, has invited proposals from banks and financial institutions to raise a short-term loan of up to $500 million to finance the purchase of four 787 Dreamliner jets from Boeing Co. (BA).
The airline has also sought offers from banks and financial institutions to raise up to $300 million in overseas borrowing, according to two tenders posted Monday on its website.
Air India said it expects to take delivery of a Dreamliner plane each in June, September, November and December.
The state-run airline said that the bridge financing, for a period of six months to a year, won't be covered by a federal guarantee and that it will instead "offer the aircraft as security or some other equivalent collateral security."
-By Santanu Choudhury, Dow Jones Newswires; +91-11-4356-3305; firstname.lastname@example.org