GMR closes funding for Mopa Airport, Axis Bank underwrites debt

GMR Goa International Airports Limited said it closed funding for the upcoming Mopa Airport in Goa, with Axis Bank underwriting the entire debt of Rs 1,330 cr.

“Having tied up funding for the project, we are working towards starting on ground construction activity post monsoon,” said Srinivas Bommidal, chairman of GMR Airports.

“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.”

Goa has been witnessing an aviation boom with traffic at the existing Dabolim growing at a near 30% rate annually for the past 3 financial years.

GMR Airports Ltd had won the bid to develop & operate the Greenfield airport at Mopa in North Goa last year and the concession agreement was signed on 8th November 2016.

The construction company will design, build, finance and operate the international airport for 40 years with extension option for another 20 years.

The airport will be developed in stages and will be scaled up as per traffic growth demands and will be a “full service airport”, serving both domestic and international passenger flights, including cargo.

GMR said Axis Bank has underwritten the debt on a “long-tenor, door-to-door basis of 18 years.”

GMR Airports GMR Group owns and operates airports in Delhi and Hyderabad.

It constructed the Delhi airport in 37 months and Istanbul’s Sabiha Gokcen airport in 18 months.