The Airports Authority of India (AAI) has received the government nod to borrow Rs 9,430 crore over a period of four years from 2018-19 (April-March) to 2021-22 after a delay of almost six months, said a source familiar with the matter.
While AAI had planned to borrow Rs 1,500 crore from a consortium of two banks including State Bank of India (SBI) during the current financial year, the plan fell through as the "bid lapsed" by the time the civil aviation ministry granted approval for the same, the source privy to the matter told CNBC-TV18.
"There were a lot of rounds of discussions and while initially the approval was sought in March for the Rs 1,500-crore line of credit, the ministry finally decided to approve a lump sum borrowing of around Rs 9,500 crore six months later," the source said on the condition of anonymity.
Nonetheless, the authority is not stressed out "as of now" and may look at borrowing some funds towards the end of the current financial year ending March 31.
AAI, which manages over 125 airports in the country, has planned Rs 20,000-crore investment plan to conduct major expansion of airport infrastructure, including six new airports and additional terminals at Chennai and Jaipur.
16/10/18 CNBC TV18
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While AAI had planned to borrow Rs 1,500 crore from a consortium of two banks including State Bank of India (SBI) during the current financial year, the plan fell through as the "bid lapsed" by the time the civil aviation ministry granted approval for the same, the source privy to the matter told CNBC-TV18.
"There were a lot of rounds of discussions and while initially the approval was sought in March for the Rs 1,500-crore line of credit, the ministry finally decided to approve a lump sum borrowing of around Rs 9,500 crore six months later," the source said on the condition of anonymity.
Nonetheless, the authority is not stressed out "as of now" and may look at borrowing some funds towards the end of the current financial year ending March 31.
AAI, which manages over 125 airports in the country, has planned Rs 20,000-crore investment plan to conduct major expansion of airport infrastructure, including six new airports and additional terminals at Chennai and Jaipur.
16/10/18 CNBC TV18
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