HOME > BUSINESS > AVIATION > GMR closes funding for Mopa Airport, Axis Bank underwrites debt

GMR closes funding for Mopa Airport, Axis Bank underwrites debt

GMR Goa International Airports Limited said it closed funding for the upcoming Mopa Airport in Goa, with Axis Bank underwriting the entire debt of Rs 1,330 cr.

“Having tied up funding for the project, we are working towards starting on ground construction activity post monsoon,” said Srinivas Bommidal, chairman of GMR Airports.

“We are confident that the development of the new airport will significantly boost tourism in Goa and also lead to generation of employment opportunities for Goans.”

Goa has been witnessing an aviation boom with traffic at the existing Dabolim growing at a near 30% rate annually for the past 3 financial years.

GMR Airports Ltd had won the bid to develop & operate the Greenfield airport at Mopa in North Goa last year and the concession agreement was signed on 8th November 2016.

The construction company will design, build, finance and operate the international airport for 40 years with extension option for another 20 years.

The airport will be developed in stages and will be scaled up as per traffic growth demands and will be a “full service airport”, serving both domestic and international passenger flights, including cargo.

GMR said Axis Bank has underwritten the debt on a “long-tenor, door-to-door basis of 18 years.”

GMR Airports GMR Group owns and operates airports in Delhi and Hyderabad.

It constructed the Delhi airport in 37 months and Istanbul’s Sabiha Gokcen airport in 18 months.

Follow ULTRA.news
Yes Bank raises Rs 2,600 cr from banks in Japan, Taiwan India's fifth largest private sector bank Yes Bank said it is raising $400 Mn -- about Rs 2,600 cr -- through two five-year syndicated loans from banks in Taiwan and Japan.It will raise $250 Mn from Taiwanese banks and 16.5 Bn Yen -- about $150 Mn -- from Japan."YES BANK ...
Reliance Industries to raise Rs 5,000 cr next week via listed debentures Reliance Industries said it would raise Rs 5,000 cr from the debt market by issuing debentures on Wednesday, November 8.Jio has taken the market by stormThe debentures issued will not be convertible to equity shares and will be sold privately (private placement) without ...
Ruchi Soya Industries sold to Devonshire Capital Ruchi Soya Industries said global private equity player Devonshire Capital will buy 51% of the company and 100% of certain of its 'branded packaged oils distribution business'.The money will be substantially utilized for payment to all lenders over a period of time, it said. ...
SIDBI and AU SFB to jointly lend to small businesses AU Small Finance Bank and Small Industries Development Bank of India (SIDBI) entered into an agreement to jointly lend to small businesses.Both will earmark a corpus of Rs 100 crore for lending under the ‘AU SIDBI Joint Financing Programme’ for FY18.The program will targ...
Moody’s to train SBI employees to appraise loan applicants State Bank of India, the country's largest bank, said Moody’s Analytics will train its employees to source, appraise and monitor loans.SBI employees will be granted the Moody’s Analytics Certificate in Commercial Credit (CICC) as part of the program.The program has been...
Mahindra Financial Services to raise 2,250 cr via share sale Mahindra and Mahindra Financial Services said the company board has approved a proposal to raise up to Rs 2,250 cr by selling shares or instruments convertible to shares.It said a Securities Issue Committee has been set up to undertake decisions in relation to the proposed i...
India sees record-breaking Private Equity inflows in 2017 – Study The amount of money invested or committed by private equity firms in India reached an all time high in the first nine months of this year, said Venture Intelligence, a research firm tracking unlisted company financials, transactions and valuations.PE firms invested about $17...
Vivimed pharma unit gets Rs 270 cr investment from OrbiMed fund Pharmaceuticals and specialty chemicals maker Vivimed Labs said investment firm OrbiMed will invest $42.5 mn (Rs 270 cr) into its active pharmaceutical ingredients business.The investment will be into Vivimed Labs Mascarene Ltd, which is in turn the holding entity of the com...
InterGlobe Aviation to raise Rs 2,530 cr by selling shares to institutions InterGlobe Aviation, the company that operates the country's largest airline Indigo said the company would raise Rs 2,530 cr by issuing fresh shares.At the same time, existing shareholders of the company would raise Rs 1,265 cr by selling some of their shares as well, the co...
Bajaj Finance offers 8.1% interest on FD to seniors, 7.85% to others Bajaj Finance said it will offer 8.10% on fixed deposits to senior citizens, making it among the highest interest rates offered on fixed deposits in the country. For others, it will be 7.85% per year.The non-banking finance company claims to have the highest credit ranking ...
BSNL to form tower co, but will it sell stake? The Union Cabinet today gave its approval for hiving off mobile tower assets of Bharat Sanchar Nigam Limited into a separate company owned by BSNL.While the move, is not of that big a significance in itself, it is crucial from the perspective of what could come next.It is...
Tata Steel UK wins regultory approval for separating pension liabilities Tata Steel UK, formerly Corus Group, has taken one more step towards solving its financial woes by moving its pension-related liabilities to a new entity.It said the UK Pensions Regulator has approved a Regulated Apportionment Arrangement or RAA that separates the pension sc...
Jet Airways offers 20% discount on international flights Jet Airways said it would offer up to 20% discount on international tickets under a week-long sale that will end on Sep 6."Under the offer, guests enjoy attractive savings of up to 20% discount on the lowest prevailing return base fares," the airline said.The offer is val...
Jet Airways cancels several flights from Mumbai due to rains Jet Airways said it is cancelling several of its flights from and to Mumbai to cope with the situation created by incessant and heavy rains in the city.The flights include those to Vodadara, Delhi, Bangalore, Ahmedabad, Chandigarh and others."Inclement weather in Mumbai ...
Moody’s downgrades IDBI Bank over lower govt support Moody's Investors Service has downgraded debt issued by IDBI Bank over concerns on "reduction in the amount of extraordinary government support incorporated into the bank's ratings and its weak standalone credit profile," the bank said.While earlier, Moody's used to assume t...
Ramco Systems wins key deal from Saudi aircraft maintenance company Cloud-based services provider Ramco Systems has won a key, five-year contract from Saudi Rotorcraft Support Company, which provides maintenance services for the country’s combined fleet of more than 360 military and commercial helicopters."With two of the top 5 aircraft manu...
Oriental Bank of Commerce to raise Rs 500 cr via bonds State-owned Oriental Bank of Commerce said it intends to raise Rs 500 cr by selling bonds."The Bank intends to raise Tier 1 Capital through Private Placement of Basel III Compliant Additional Tier 1 Bonds of Rs.10,00,000 each at par aggregating to Rs.500 crore with an option ...
Now you can also fly to Pondicherry, thanks to SpiceJet SpiceJet has become the first airline to conduct flight services to Pondicherry, the former French colony that is a prominent tourist attraction in South India.The flights will be from Hyderabad. With this new flight, Puducherry will be connected with Delhi, Mumbai, Bengalu...
Kannur Airport: 95% of airside, 90% of cityside work completed Kerala's fourth international airport at Kannur is very close to completion, with 95% of the airside works and 90% of cityside work completed, the government said today.Airside refers to the runway, bays, traffic control tower and so on, while city-side works refer to civilia...
SpiceJet reports 10th quarterly profit in a row SpiceJet reported an 18% growth in its net profit for April-June period at Rs 175 crore, the company said, making it the 10th successive profitable quarter for the airline. Total revenue from operations were Rs 1,869 crore, higher than Rs 1,521 crore for the same quarter las...