Wednesday, October 4, 2023

GMR Airports & NIIF Collaborate To Invest ₹631 Billion In Around 3 Greenfield Airports

By Staff Correspondent

The subsidiary of GMR Airports Infrastructure (formerly known as GMR Infrastructure) and the airport business holding entity, GMR Airports (GAL) along with NIIF (National Investment and Infrastructure Fund) has announced a financial partnership for NIIF for investing in the equity capital of three airport projects which include greenfield international airports at Bhogapuram, Goa and Mopa.

The transaction envisages NIIF to make a primary investment of around ₹631 crore in the form of a Compulsory Convertible Debenture (CCD) in GMR Goa International Airport (GGIAL), a special purpose vehicle to operate and run the New Goa Airport. However, the transaction stands as a subject to necessary approvals & customary completion conditions. 

This investment shall be NIIF’s first direct investment in the state of Goa and first investment in an airport asset in the country.

In 2016, GGIAL was awarded the concession to operate and develop a second airport in Goa on a Design-Build-Finance-Operate-and-Transfer (DBFOT) basis. Mopa airport is a greenfield airport PPP concession awarded by a state government.

An aerodrome licence is already received by the airport and shall form part of the first dual-airport system in India alongside Dabolim airport upon commissioning. A design capacity of handling up to 4.4 million passengers per annum will be equipped by Mopa airport in the first phase while it would have an ultimate capacity of up to 40 million passengers per annum.

“It is a proud moment for GMR Group having developed Mopa Airport. Goa is the prime holiday destination in India and visited by travellers from across the world. We are confident that Mopa Airport will be a marquee airport in the country and shall add to the pride and economic development of the state. The Airports has been designed to capture the vibrancy and the essence of Goan culture. Our partnership with NIIF which will also extend to two more airports is a further testament of GMR’s credibility as an Airport Infrastructure developer and the future of the Aviation industry in the country.” says GBS Raju, Business Chairman – Airports, GMR Group

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