GMR Goa International Airports Limited (GGIAL), a subsidiary of GMR Airports have raised ₹1,330 crore from Axis Bank by the common loan agreement. The borrowed loan amount will be used for the development of the greenfield project at Mopa in North Goa.
Sidharath Kapur, president of GMR Airports said, “The entire debt of ₹1330 crores was underwritten by Axis Bank on the long tenor door to door basis of 18 years on competitive terms. The confidence of banks on the project reflects the intrinsic strength of the project and also the operational and delivery capability of the sponsor GMR Airports Ltd”.
GMR Airports had won the bid to develop the greenfield airport last year and had signed the concession agreement on November 8, 2016. Under the concession agreement, GMR will design, build, finance and operate the international airport for forty years with an extension option of another twenty years. The project, which will be a full-service airport catering to domestic, international as well as freight demands, will be developed in stages and will be scaled up as per traffic demand growth.
Srinivas Bommidala, chairman of GMR Airports, said, “Having tied up funding for the project, we are working towards starting on ground construction activity post monsoon. We are confident that the development of the new airport will significantly boost tourism in Goa and also lead to the generation of employment opportunities for Goans”.