India-based GMR Infrastructure's joint venture GMR Megawide Cebu Airport Corporation (GMCAC) Monday said it has signed agreements for financing 70 percent of the Mactan Cebu International Airport project in Cebu in the Philippines worth nearly USD 750 million.
GMCAC is a joint venture of GMR Infrastructure with 40 percent share holding and the Philippines-based Megawide Construction Corporation with a 60 percent stake.
The loan for the project is being financed by six Philippines-based banks - BDO Unibank Inc, Bank of the Philippine Islands, Development Bank of the Philippines, Land Bank of the Philippines and Metrobank and Philippine National Bank.
The total equity contribution of GMR to GMCAC will be nearly USD 90 million, of which the Indian construction company has already invested USD 48 million.
22/12/14 IANS/India Gazette
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GMCAC is a joint venture of GMR Infrastructure with 40 percent share holding and the Philippines-based Megawide Construction Corporation with a 60 percent stake.
The loan for the project is being financed by six Philippines-based banks - BDO Unibank Inc, Bank of the Philippine Islands, Development Bank of the Philippines, Land Bank of the Philippines and Metrobank and Philippine National Bank.
The total equity contribution of GMR to GMCAC will be nearly USD 90 million, of which the Indian construction company has already invested USD 48 million.
22/12/14 IANS/India Gazette
