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GVK plans to raise Rs 135 billion for Navi Mumbai airport project

Debasis Mohapatra & Abhijit Lele/Bengaluru/Mumbai 12 Aug 18 | 09:41 PM

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The GVK-led consortium, which is developing the Navi Mumbai International Airport, is in talks with banks to raise around Rs135 billion to fund its second-phase expansion plan. According to sources in the banking industry, the bankers are evaluating a proposal for this big-ticket infrastructure lending.

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“State Bank of India is evaluating the proposal, and based on the outcome, many other public sector banks are likely to participate," a senior banking source said. However, it could not be ascertained how many banks will be a part of this consortium. GVK could not be reached for comments.

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Navi Mumbai International Airport (NMIA) announced financial closure for the construction of the first phase of the greenfield project last week. 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.

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