The National carrier Air India may tie up with Citibank and State Bank of India (SBI) for the purpose of raising $ 300 million from overseas market through External Commercial Borrowings (ECB) route.

“Air India has received proposal from several interested banks and financial institutions. We are evaluating them but at this stage offer from Citibank-SBI looks quite attractive and we may tie-up with them,” according to sources.

In last month the SBI and Citibank had jointly participated in Air India’s invitation for the offer to raise $300 million through ECB route.

Initially the last date for submission for the offer was in April 27 which has been extended to May 4.

“Once the proposal is finalized, we will sign a term-sheet, which would allow us avail the funds immediately,” they said.

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