Friday, July 13, 2018

Phase 1 of Navi Mumbai airport to cost ₹135.6 bn

The first phase of the Navi Mumbai airport will now cost ₹ 135.6 billion, which is about 50% higher than the previous project estimate.

On Saturday, airport developer GVK group announced that it had tied up with Yes Bank as lead lender for the project. Global analytical company CRISIL has assigned its A+ stable rating to the long-term bank facility of ₹103 billlion that Navi Mumbai International Airport Limited (NMIAL) has availed of. “We are in a non-disclosure agreement with Yes Bank, which does not allow us to share any of the finer details of the phase I project financing for NMIAL,” GVK said.

For arriving at the rating, CRISIL considered the business and financial risk profiles of NMIAL. In addition, CRISIL believes NMIAL, being a subsidiary of Mumbai International Airport Ltd (MIAL), will benefit from the parent’s managerial, operational, and financial strengths. Both companies will serve the common catchment of Mumbai Metropolitan Region.
13/07/18 aditya anand/The Hindu