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Our Bureau

Hyderabad March 9 GMR Hyderabad International Airport Limited (GHIAL), which has enhanced the scope of the airport to handle more passengers, has tied up with Abu Dhabi Commercial Bank, Andhra Bank and Vijaya Bank to raise Rs 718 crore.

The cost of the airport project, initially estimated to be Rs 1,760 crore, has gone up to Rs 2,478 crore after the company decided to increase the capacity from seven million passengers to 12 million passengers a year, Mr T. Srinagesh, Chief Operating Officer of GHIAL, said here in a press release.

MORE FACILITIES

The additional loans would be used for creating additional facilities, common fuel farm and business hotel at the airport. The resources would also be used to set up more aircraft parking stands and extra cargo terminal space.

While Andhra Bank and Vijaya Bank would extend Rs 200 crore, Abu Dhabi Commercial Bank would provide Rs 518 crore in dollars in the form of external commercial borrowing (ECB). The ECB, with a repayment moratorium of 2 years from the date of the airport's commencement, could be repaid in 14 years thereafter.

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GMR ties up bank funds for airport

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