GMR Infrastructure arranges $2 billion loan for Sao Paulo Airport bid

GMR Infrastructure is close to finalizing a $2 billion loan from a consortium of banks led by Barclays PLC to finance its bid for concessions to re-develop airports in Brazil, a person with direct knowledge of the development said on condition of anonymity. GMR may have to sign a 'bid bond' valued at $500 million at the time of submitting its bid, deadlines for which expire on Thursday.
GMR is also in talks with atleast three Brazilian companies to rope in a partner for its bid but hasn't been able to close a deal so far, according to the person quoted above. ET Now reported on 4th January that the company was in talks with one of Brazil's largest construction groups Queiroz Galvao.
A spokesperson for GMR denied the company was arranging such a loan.
Brazil's government is auctioning concessions to re-develop the Guarulhos and Viracopos airports in Sao Paulo as well as the airport in the capital city of Brasilia.
31/01/12 Mohit Bhalla/Economic Times

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Categories: airports Feb 2012, Foreign Feb 2012, New Feb 2012