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Adani Group achieves financial closure for Navi Mumbai airport project

Adani Group achieves financial closure for Navi Mumbai airport project

The Adani Group took over the Navi Mumbai airport project following its acquisition of Mumbai International Airport Limited last July.

 Adani Group's subsidiary Adani Airport Holdings Ltd (AAHL) holds 73% in Mumbai International Airport Private Limited. Adani Group's subsidiary Adani Airport Holdings Ltd (AAHL) holds 73% in Mumbai International Airport Private Limited.

The Adani Group on Tuesday said it has achieved financial closure for the Navi Mumbai International Airport (NMIAL) project by raising Rs 12,770-crore loan from State Bank of India (SBI).

SBI has underwritten the entire debt requirement of Rs 12,770 crore for the airport project, the Group said in a press release.

The Adani Group took over the Navi Mumbai airport project following its acquisition of Mumbai International Airport Limited last July.

"The Adani Group’s focus is to create and provide best-in-class airport infrastructure and allied services to the consumer," said Jeet Adani, director at Navi Mumbai International Airport Limited.

"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.

NMIAL is owned by Mumbai International Airport Limited (MIAL) (74 per cent shareholding) and City and Industrial Development Corporation of Maharashtra Limited (CIDCO) (26 per cent shareholding). CIDCO, a government of Maharashtra undertaking is also the concessioning authority for the project.

Meanwhile, Adani Group's subsidiary Adani Airport Holdings Ltd (AAHL) holds 73 per cent stake in Mumbai International Airport Limited.