AAI may raise Rs 4,000 cr via bonds

The Airports Authority of India will consider raising debt from the market through bonds to the tune of Rs 3,000-4,000 crore for the modernisation of 35 non-metro airports and also for greenfield airports in Goa, Pune, Kunnoor and Navi Mumbai.

AAI has already received a triple A rating from Crisil to gain smooth access to funds from financial institutions. It has up to Rs 2,000 crore in reserves.

"The committee of infrastructure, headed by the prime minister and constituted to focus on airport development in the country, had recommended modernisation of 35 non-metro airports over a period of five years. These airports will cover state capitals and important business centres. The modernisation programme includes new airstrips for the airports. The estimated cost for such a venture is Rs 4,000 crore," Civil Aviation Minister Praful Patel said.