New Delhi: The company that operates Delhi’s airport would invest Rs 9,800 crore through June 2022 to upgrade the existing Terminal 1, build a fourth runway and for other development work, to increase the airport’s capacity to 100 million passengers a year from 66 million now.
“We have arranged for funds. We have already gone into international bonds,” said I Prabhakara Rao, deputy managing director of the GMR Group, which holds a majority stake in Delhi International Airport Ltd (DIAL) that runs the airport.
“The airport expansion project cost is met through combination of three components –internal cash accruals, real estate monetisation and borrowings. This includes $350 million FCB, equivalent to Rs 2,425 crore, raised as part of expansion funding and internal cash accruals of Rs 3,000 crore,” said Rao.
It is not clear as to how the airport will recover the money which is being pumped in, as Rao declined to get into the details during a press conference here on Monday.
Earlier, the airport imposed an arrival and departure tax on passengers to recover its investments, primarily in building Terminal 3 at the cost of Rs 12,700 crore. The arrival charge was discontinued after the airport operator recovered its investment. It still levies a nominal departure fee.
05/08/19 PTI/Economic Times
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“We have arranged for funds. We have already gone into international bonds,” said I Prabhakara Rao, deputy managing director of the GMR Group, which holds a majority stake in Delhi International Airport Ltd (DIAL) that runs the airport.
“The airport expansion project cost is met through combination of three components –internal cash accruals, real estate monetisation and borrowings. This includes $350 million FCB, equivalent to Rs 2,425 crore, raised as part of expansion funding and internal cash accruals of Rs 3,000 crore,” said Rao.
It is not clear as to how the airport will recover the money which is being pumped in, as Rao declined to get into the details during a press conference here on Monday.
Earlier, the airport imposed an arrival and departure tax on passengers to recover its investments, primarily in building Terminal 3 at the cost of Rs 12,700 crore. The arrival charge was discontinued after the airport operator recovered its investment. It still levies a nominal departure fee.
05/08/19 PTI/Economic Times
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