Noida Airport Financial Closure Enables Start of Construction
Yamuna International Airport Pvt Ltd (YIAPL) has raised Rs 3,725 crore debt from State Bank of India (SBI) for funding the upcoming Noida International Airport (NIA). This financial closure, that will enable start of construction work, is one of the largest financings in an Indian Greenfield airport. The loan is to be repaid overawe decades with one-year moratorium post completion of the project. The Noida Airport project is being funded on a debt-equity ratio of 65:35. Zurich Airport International AG (ZAIA), a fully owned subsidiary of Flughafen Zurich AG, is the main shareholder of YIAPL and is injecting Rs 2,005 crore as equity into developing NIA. YIAPL, CEO, Christoph Schnellmann said: “We are delighted to have signed the financing agreements with SBI and NIA Ltd (NIAL) to develop Noida International Airport. This marks the financial close for the project, and we now eagerly look forward to the development of the airport in close collaboration with our partners including NIAL and SBI.” NIAL, CEO, Arun Vir Singh described achievement of financial close as a crucial milestone, "This will enable the team to focus on construction works for the airport development. We are all eagerly waiting to build India’s leading airport which will boast of quality, efficiency, technology, and sustainability. We are very excited and all set to move ahead with a vision to co-create world-class aviation infrastructure." NIA says, "It plans to make air travel more affordable for airlines and passengers by building the infrastructure in a sustainable and cost-effective manner using renewable energy." Noida is envisaged to be India’s first net zero emission airport. It will be a fully digital airport, enabling contactless travel.
Tags : News/Views construction Noida Airport Start Financial Closure Enables