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Mumbai April 24 The GVK-led group Mumbai International Airport Pvt Ltd (MIAL) has raised about Rs 4,200 crore from a consortium of banks and financial institutions led by Industrial Development Bank of India Ltd (IDBI) to fund modernisation of the Chhatrapati Shivaji International Airport (CSIA) Mumbai.

The loan tenure is for a period of 17 years covering a seven-year loan drawal period. MIAL has procured an interest rate, which is benchmarked to three years Government Security plus a margin of 215 basis points, which comes to around 10.13 per cent per annum. The repayment of the loan will commence from the end of the seventh year and will be repaid in 120 monthly payments thereafter.

Apart from IDBI, the other banks are: Andhra Bank, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, India Infrastructure Finance Company Ltd., Indian Bank, Oriental Bank of Commerce, Punjab National Bank, Syndicate Bank, United Bank of India, UTI Bank Ltd. and Vijaya Bank.

MIAL is a joint venture between the GVK-South Africa group and Airports Authority of India.

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Mumbai Intl Airport raises Rs 4,200 cr

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