GGIAL concludes fund raising for Mopa airport project

Mumbai July 10 (IANS) GMR Goa International Airport Ltd. (GGIAL) on Monday said it has executed debt facility agreement for the development of a greenfield airport at Mopa located in north Goa.

"The entire debt of Rs 1 330 crore was underwritten by Axis Bank on long tenor door-to-door basis of 18 years on competitive terms " said Sidharath Kapur President GMR Airports.

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

According to the subsidiary of GMR Airports it is now working towards starting ground construction activity post-monsoon.

As per estimates Goa has witnessed an aviation boom with traffic at the existing Dabolim airport growing at a near 30 per cent rate annually for the past three financial years.

Last year GMR Airports won the bid to develop and operate the greenfield airport at Mopa located in North Goa.

The concession agreement allows GMR to design build finance and operate the international airport for 40 years with extension option for another 20 years.

--IANS
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