The state owned airline carrier, Air India that has been trying very hard to make a comeback into the domestic circuit for the past couple of months is now seeking close to $1.15 billion (Rs 5,106 crore) from the door of various global banks with an aim to refinance a loan taken to fund the purchase of 21 Airbus SAS planes and related equipment.

It is to be mentioned here that this will be for the very first time that the company will be furnishing one security instead of two in exchange for a loan.

For the record, it is expected that the airline carrier will offer a sovereign guarantee offered by the government or aircraft as collateral which was in the earlier case used to offer both of these for the long term loans.

The company has accumulated losses in the range of Rs. 14,000 crore over the period of the last four financial years. The airline had ordered for close to 111 aircrafts in 2007 out of which close to 43 were ordered from Airbus and close to 68 of them were ordered from Boeing.