GMR secures US$369 million loan from Singapore AXIS Bank

Male: Singapore AXIS Bank has granted a US$359 (Rf4.9 billion) loan to GMR Male International Airport Private Limited (GMIAL).
A company press release estimated that the development cost of the airport would reach US$511 million.
GMR said AXIS Bank would cover 70 of the cost while the company will cover the remaining US$152 million.
The company further said the loan should be repaid within 7-12 commencing from 2015. State Bank of India (SBI) Male Branch will manage the loan account for the company.
The government leased the airport to GMR for 25 years on June 29. The Indian company formed a joint venture with Malaysia Airports Holdings and registered GMR Male International Airport Private Limited at Trade Ministry.
27/11/10 haveeru online

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Categories: Airports Nov 2010, Foreign Nov 2010