GMR to spend $400 mn on Male airport modernisation: Rao

New Delhi: GMR Infrastructure, which has bagged the expansion and management contract from the Male International Airport, today said USD 400 million would be invested on the mega project over the next four years.
The GMR Infrastructure-Malaysian Airports consortium would "invest about USD 400 million over four years" to build, operate, modernize and expand the Male International Airport (MIA), GMR chief G M Rao told reporters here today.
In response to a question, Rao said the project, estimated to be of USD 300 million, would be financed through a 75:25 debt-equity ratio.
The State Bank of India and other banks would provide the finance, he said.
"We will have the financial closure in the next six months" and it would take about four years to complete the upgradation of the airport, which would include building a large seaplane port to house about 40 such aircrafts.
In the consortium, GMR holds 77 per cent stake and Malaysian Airports the remaining 23 per cent.
25/06/10 PTI/Economic Times

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Categories: Airports Jun 2010, Foreign Jun 2010, New Jun 2010