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Tata's Air India considers raising $1 billion - Bloomberg News

FILE PHOTO: The Air India logo is seen on the facade of its office building in Mumbai

BENGALURU (Reuters) -Tata Group-owned Air India is considering raising at least $1 billion in a funding round that could value the carrier at around $5 billion, Bloomberg News reported on Friday, citing people familiar with the matter.

Air India declined to comment, while Tata Sons did not immediately respond to a Reuters request for comment.

The airline is in discussions with potential investors including private equity funds and sovereign wealth funds, Bloomberg reported. (https://bityl.co/Eo6c)

The fund raise plan comes after Air India earlier in the day announced 20 additional weekly flights to Britain and the United States. The carrier had said it would expand its fleet by more than 25%.

It is targeting at least a 30% share of the domestic market over the next five years as it looks to rebuild its reputation after years of losses at the former state-run airline.

Autos-to-steel conglomerate Tata Group took control of Air India in January after winning a bid in a $2.4 billion equity- and-debt deal.

The airline is working with financial advisers on the fundraising, which could be completed in the next few months, the report said.

(Reporting by Nishit Navin in Bengaluru; Editing by Arun Koyyur)