GMR to spend Rs 500 crore on Hyderabad airport expansion

The 9-year old greenfield Hyderabad International Airport was built by GMR-led concessionaire at an investment of close to Rs 2,500 cr

GMR Hyderabad International Airport Limited(GHIAL) will utilise $75 million (close to Rs 490 crore) out of the total $350 million (Rs 2,276 crore) that it has raised in the international bond market on capital expenditure for the airport expansion. The rest of the proceeds will be used to refinance the existing debt.

GMR Airports Limited president Sidharath Kapur on Monday elaborated on the fund utilisation plan of the subsidiary company after broadly indicating the purpose of $350 million bonds issue couple of days ago.

While the exact capex requirement was not yet spelt out by the company pending regulatory approvals