GVK ties up debt for first phase of Rs 55 bn Navi Mumbai airport project

In talks to raise $1 billion via bonds to refinance existing loans

GVK group has tied up debt for first phase of Rs 55 billion Navi Mumbai airport project and is in talks with banks to raise $ one billion via bonds to refinance Mumbai airport project loan.

The Hyderabad based infrastructure major on Saturday announced it has achieved financial closure for the construction of the Navi Mumbai airport. Yes Bank is the lead bank for providing debt for the project. GVK refused to disclose the loan amount.

The project is being executed as a public private partnership between GVK-owned Mumbai International Airport Limited (MIAL) and the City and Industrial Development Corporation.