| The ministry of civil aviation has already appointed a credit rating agency and financial advisor-cum-lead arranger for raising capital for the project. |
| "AAI is planning to raise Rs 5,000 crore to Rs 6,000 crore for funding the modernisation programme of 35 non-metro airports of the country. AAI will float either bond or any other debt instrument soon," Union civil aviation minister Praful Patel said. |
| He said that Delhi-based A K Capital Services has been appointed as financial advisor and lead arranger for the finalising the options and other details of proposed debt funding. |
| The minister said the modernisation of 35 non-metro airports would be done in a phased manner. |
| V D V Prasad Rao, board member (finance), AAI, said the authority has appointed Crisil as the credit rating agency while UTI Bank, A K Capital Services, ICICI Securities and Allianz Securities have appointed as arrangers for marketing and placement of bonds. |
| On the time frame for tapping the bond market, Rao said that no final decision has been taken yet, adding "the authority has kept a flexible nature on the options to raise funding through debt instrument." |
| According to sources, AAI has appointed consultants to work out the detailed plan to carry out the upgrade work of terminal buildings and other works for the 35 non-metro airports. |
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