GMR Goa International Airport finalises fund raising for Mopa airport project

July 10, 2017: GMR Goa International Airports Limited (GGIAL), a subsidiary of GMR Airports Limited has successfully executed debt facility agreement for the Phase-1 development of greenfield airport at Mopa.

GMR Airports Ltd had won the bid to develop and operate the greenfield airport at Mopa in North Goa last year and the concession agreement was signed in November, 2016. The foundation stone for the project was subsequently laid by Prime Minister Narendra Modi in November 2016.

On the occasion of signing of financing agreements, Srinivas Bommidala, chairman airports, GMR Group, said, “GMR Group is delighted to be partnering with 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 Ltd, added, “The entire debt of Rs. 1330 crores 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 the Sponsor GMR Airports Ltd”.

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

As per the concession agreement, GMR will design, build, finance and operate the international airport for 40 years with extension option for another 20 years, said the company in a press release. 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.