Team Herald
PANJIM: GMR Goa International Airports Limited (GGIAL) that will be developing the airport at Mopa on a Public Private Partnership model has signed a common loan agreement with Axis Bank Ltd that will provide a Rs 1330 crore loan for the project.
GGIAL, a subsidiary of GMR Airports Limited (GAL) informed the media of executing the debt facility agreement for the project with construction to begin after the monsoon.
“The entire debt of Rs 1330 crore was underwritten by Axis Bank on long tenure 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 GMR Airports Ltd,” said GMR Airports President Sidharath Kapur.
On the signing of financing agreements, Chairman Airports Srinivas Bommidala, “Having tied up funding for the project, we are working towards starting construction activity post monsoon. We are confident the development of the new airport will significantly boost tourism in Goa and also lead to generation of employment opportunities for Goans.”
He added, “GMR Group is delighted to be partnering with the State government for development of a new civilian airport, which will become the gateway to Goa.”
