Wednesday, August 11, 2021

Loan deal for Noida airport struck

New Delhi/Greater Noida: The Yamuna International Airport Pvt Ltd (YIAPL), a subsidiary of Zurich AG, has raised a Rs 3,725 crore debt from the State Bank of India for funding the Noida International Airport.

The financial closure will pave the way for construction to start on one of the largest greenfield airports in the country. The amount is one of the largest financings for an Indian greenfield airport. The loan has to be repaid over 20 years with a one-year moratorium after the completion of the project.

The Noida airport project is being funded on a debt-equity ratio of 65:35. Zurich Airport International AG, a fully owned subsidiary of Flughafen Zurich AG, is the main shareholder of YIAPL and is injecting Rs 2,005 crore as equity into the project.

Christoph Schnellmann, the CEO of YIAPL, said: “We are delighted to have signed the financing agreements with SBI and NIA Ltd (NIAL) to develop the Noida international airport. This marks the financial close for the project. We now eagerly look forward to the development of the airport in close collaboration with our partners, including NIAL and SBI.”

Arun Vir Singh, the CEO of Noida International Airport Limited, the special purpose vehicle of the UP government for the project, described the financial closure as a crucial milestone. “This will enable the team to focus on construction work. We are all eagerly waiting to build India’s leading airport, which will boast of quality, efficiency, technology and sustainability. We are excited and all set to move ahead with a vision to co-create world-class aviation infrastructure.”

11/08/21 Times of India

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