GMR Goa International Airports (GGIAL), a subsidiary of GMR Airports, has signed a common loan agreement with Axis Bank to secure Rs13bn ($201m) for the development of a greenfield airport in Mopa, Goa, India.

Last year, GMR Airports secured the bid to develop and operate the greenfield airport at Mopa and signed a 40-year concession agreement, with the option to extend it by 20 years.

GMR Group airports chairman Srinivas Bommidala 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.”

"The development of the new airport will significantly boost tourism in Goa and also lead to the generation of employment opportunities for Goans."

The existing Dabolim airport in Goa has witnessed a 30% annual growth in traffic over the past three financial years.

GMR Airports president Sidharath Kapur said: "The entire debt of Rs13.3bn ($205m) was underwritten by Axis Bank on long tenor door to door basis of 18 years on competitive terms.”

The greenfield airport is expected to cater to domestic and international passenger as well as freight services.

It will be developed in phases and scaled up depending on traffic growth demands.

GMR Group also developed and operates Indira Gandhi International Airport in New Delhi and Greenfield Rajiv Gandhi international airport at Hyderabad.