CHENNAI: GMR Airports and Infrastructure has raised Rs 3,215 crore from a consortium of five banks/ financial institutions, led by India Infrastructure Finance Company Limited (IIFCL), to part finance the Phase I development of Bhogapuram International Airport.
GMR has raised the funds via its step-down subsidiary GMR Visakhapatnam International Airport Limited (GVIAL), it said in an exchange filing. GVIAL has the concession to build and operate greenfield Bhogapuram International Airport, which would cater to 6 million passengers annually. The overall project cost would be Rs 4,727 crore.
The Rs 3,215 crore debt will be of 18 years, comprising three years of the construction phase, one year of the stabilisation phase and 14 years of structured repayments. With the execution of these financing agreements, GVIAL has tied up the necessary debt to fund this project.
The concession provision of Rs 134.55 crore will be reimbursed by the Andhra Pradesh Airports Development Corporation Limited (APADCL) and the remaining amount be funded by way of equity/CCDs/sub-debt, the company said.