NIAL turns to Indian banks to raise Rs 3,000 cr for Jewar airport

Raising money in India to hedge against fluctuating exchange rate

Noida International Airport (NIAL), the special purpose vehicle which will operate the Greater Noida International Airport in Jewar, is in talks with Indian banks to raise around Rs 3,000 crore to fund its first-phase expansion. 

Flughaffen Zurich, the operator of the Zurich International Airport that also won the bid to build and operate the Jewar airport last year, aims to complete the first phase of the project by 2024. 

By then, the airport will have the capacity to handle 12 million passengers in a year. Flughaffen Zurich holds 100 per cent shareholding in the Noida airport project.

"The State Bank of India is