In order to refinance existing debt, Air India will borrow Rs 18K crore from SBI and BoB.

In order to refinance its current debt over the near term, according to a report in the Economic Times (ET), Air India would borrow Rs 18,000 crore from the State Bank of India (SBI) and Bank of Baroda (BoB).

The loans will be for one year, with the possibility of extended loans down the road for the airlines controlled by the Tata Group.

The financial facility that Tata acquired after purchasing Air India would be continued by these loans.