Tata Group choose SBI, Bank of Baroda and HDFC Bank as preferred bankers for Air India

The Tata Group has chosen State Bank of India, Bank of Baroda and HDFC Bank as preferred bankers for Air India. Recently Tata Group has taken over Air India from the government. Air India is the largest international carrier out of India with an 18.6% market share.

Tata Sons have availed of a Rs 10,000-crore loan from SBI and a Rs 5,000-crore loan from BoB, one of them said. The loans are unrated, unsecured, and pegged at 4.25% [interest rate] annually, the person said.