GMR Goa International Airports (GGIAL), a subsidiary of GMR Airports, has successfully executed debt facility agreement for the development of Greenfield airport at Mopa. GGIAL has signed common loan agreement with Axis Bank, wherein the bank will provide loan of INR 1330 crore for the development of the project. GMR Airports had won the bid to develop and operate the Greenfield airport at Mopa in North Goa last year and the concession agreement was signed on November 8, 2016. The foundation stone for the project was subsequently laid by Prime Minister Narendra Modi on November 13, 2016.
On the occasion of signing of financing agreements, Srinivas Bommidala, chairman – airports, GMR Group, said, “GMR Group is delighted to be partnering with the Government of Goa for development of a new civilian airport, which will become the gateway to the state of Goa. Having tied up funding for the project, we are working towards starting on ground construction activity post monsoon. We are confident that the development of the new airport will significantly boost tourism in Goa and also lead to generation of employment opportunities for Goans.”
Sidharath Kapur, president, GMR Airports, added, “The entire debt of INR 1330 crore was underwritten by Axis Bank on long tenor door-to-door basis of 18 years on competitive terms. The confidence of banks on the project reflects the intrinsic strength of the project and also the operational and delivery capability of GMR Airports.”
Goa has been witnessing an aviation boom with traffic at the existing Dabolim growing at a near 30 per cent rate annually for the past three fiscal years. According to the concession agreement, GMR will design, build, finance and operate the international airport for 40 years with extension option for another 20 years. The greenfield airport will be developed in stages and will be scaled up as per traffic growth demands. The airport will be a full-service airport catering to domestic and international passenger besides freight services.
