135 billion to fund its second-phase expansion plan."/> 135 billion to fund its second-phase expansion plan." />

Navi Mumbai Airport Project

Issue: 4 / 2018

The GVK-led consortium, which is developing the Navi Mumbai International Airport (NMIA), is in talks with banks to raise around 135 billion to fund its second-phase expansion plan. According to sources in the banking industry, the bankers involved are evaluating a proposal for this big-ticket infrastructure lending. “State Bank of India is evaluating the proposal and based on the outcome, several other public sector banks are likely to participate,” a senior banking official said. However, it could not be ascertained as to how many banks will be a part of this consortium. NMIA has already announced financial closure for the construction of the first phase of the Greenfield project. The company said Yes Bank would be the lead bank in this phase. NMIAL is a public-private partnership venture in which GVK-led Mumbai International Airport (MIAL), which operates the airport in the city, has a 74 per cent stake. MIAL’s shareholders include GVK Industries, Airports Company South Africa and Bidvest. City and Industrial Development Corporation of Maharashtra holds the remaining 26 per cent in the project.