National Games Secretariat, a Kerala government undertaking set up for conducting the 35th National Games, had invited bids for construction of the Greenfield stadium.
IL&FS Transportation Network won the bid based on the lowest annuity quoted. The concession period is for 15 years including construction period of two years from the commencement date.
Annuity payments shall be made on an annual basis by the Secretariat over 13 structured annuities. Ten per cent of the revenue from the stadium will go to the government.
This is the first instance of a stadium being built on the annuity model. Estimated project cost is ₹240 crore which is proposed to be financed through a debt equity ratio of 70:30.
The senior debt facility of ₹160-plus crore has been financed by a consortium of five banks led by State Bank of Travancore. IF&FS Financial Services is the sole financial advisor and arranger for project financing.