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GMR Goa international Airports raised funds of Rs 1330 crore for Mopa airport project

 2017-07-11 11:03:40.0

GMR Goa international Airports raised funds of Rs 1330 crore for Mopa airport project

Tahlka News Bureau

Mumbai: GMR Goa international Airport Ltd. (GGIAL) on Monday have successfully executed debt facility arrangement for the development of Greenfield airport at Mopa located in north Goa by signing a common loan agreement with Axis Bank.

The bank will provide loan of Rs 1330 crore for the develop[ment of the project.

"The confidence of banks on the project reflects the intrinsic strength of the project and also the operational and delivery capability of the Sponsor GMR Airports."

GMR Airports had won the bid to develop the Greenfield airport on November 8,2016. Construction is expected to begin post the monsoon season. "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 generation of employment opportunities for Goans," Srinivas Bommidala, chairman of GMR Airport, said.

It has been learnt that Goa has witnessed a aviation boom with traffic art the existing Dabolim airport growing at a near 30 per cent rate annually for the past three financial years.

The concession agreement allows GMR to design, build, finance and operate the international airport for 40 years with extension option for another 20 years. The project will be a full service airport catering to domestic, international as well as freight demands, will be developed in stages and will be scaled up as per traffic demand growth.

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