May 20 (Bloomberg) -- National Aviation Co. of India Ltd., the owner of state carrier Air India, is seeking to raise as much as $1.15 billion to refinance loans that funded the purchase of 21 Airbus SAS planes.
The rupee or U.S. dollar-denominated debt will be used to repay loans from a group of Indian banks as National Aviation tries to reduce interest payments, according to the Mumbai-based company’s website. India’s government will guarantee the loans, the company said.
State-owned National Aviation is trying to cut expenses after the government ordered the company to improve its operations to win financial support. National Aviation said last year it would create four business units, cut capacity and repay debt to become profitable in three years.
National Aviation is seeking loans with maturities of at least……
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