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.
Go deeper with GlobalData
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 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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe 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.
