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Adani Group's greenfield international airport project at Navi Mumbai, Maharashtra has achieved financial closure, the company informed in a statement on Tuesday.
The public sector lender, State Bank of India (SBI) has underwritten the entire debt requirement of ₹12,770 crore for the project, the official statement said.
"The Navi Mumbai International Airport Private Ltd (NMIAL), a subsidiary of Adani Enterprises Ltd (AEL), has achieved Financial Closure for the greenfield international airport project at Navi Mumbai, Maharashtra with the execution of financing documents with the State Bank of India (SBI)," it said.
‘Best airport infrastructure’
Commenting on the development, Jeet Adani, Director, NMIAL, said, "The Adani Group’s focus is to create and provide best-in-class airport infrastructure and allied services to the consumer."
"We aim to converge India’s biggest cities with other surrounding cities and towns in a hub and spoke model. Given the central role airports will play in the future, we intend to develop an economic ecosystem that has airports and airport users at its core. With this facility from the SBI, we have moved a step closer to providing Mumbai with another landmark utility," he added.
NMIA Project was taken over pursuant to the acquisition of Mumbai International Airport Ltd (MIAL) by the Adani Group through its airports arm Adani Airport Holdings Ltd (AAHL) in July 2021.
SBI Capital Markets Ltd acted as the financial advisor to the SBI and Saraf & Partners Law Offices acted as the Lenders’ Legal Counsel.
Cyril Amarchand Mangaldas was the legal advisor to NMIAL.
NMIAL is a special purpose vehicle established for the development, construction, operation and maintenance of the greenfield international airport project at Navi Mumbai, Maharashtra, on a Design, Build, Finance, Operate and Transfer (DBFOT) basis.
As per the shareholding of the project, NMIAL is owned 74 per cent by Mumbai International Airport Ltd (MIAL) and 26 per cent by City and Industrial Development Corporation of Maharashtra Ltd (CIDCO), which is a Government of Maharashtra undertaking and also the Concessioning Authority for the project.
The project is proposed to be developed in multiple phases. It will have an ultimate capacity of 60 million passengers per annum (MPPA).
In the initial phase, NMIAL will implement passenger capacity of 20 MPPA and 800,000 tonnes per annum of cargo handling, which is expected to be completed by December 2024.
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