GMR seeks US$360 million loan for Male airport development

Male: India’s GMR Infrastructure is in talks with India’s AXIS Bank for a US$360 million (Rf4.6 billion) to develop Male International Airport.
Bloomberg quoted GMR Chief Financial Officer Sidharath Kapur as saying that the company may sign the 12-year loan agreement by the end of this month.
The joint venture between GMR and Malaysia Airports Holdings (MAHB) proposed to spend US$378 million to develop the airport leased for 25 years. GMR Male International Airport Private Limited registered at Trade Ministry is 77 percent owned by the Indian company and 23 percent by Malaysia Airports.
Under the agreement signed between the company and the government on July 29, GMR is authorised to collect US$25 per passenger as airport development fee.
02/10/10 haveeru online

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Categories: airports Oct 2010, Foreign Oct 2010