HDFC inks ₹500-cr Jewar airport financing pact

HDFC Bank has entered into an agreement to provide ₹500 crore financing to the upcoming Jewar airport in Greater Noida. The funds will be invested on infrastructure development and land acquisition for the proposed airport that will be the largest airport in Asia. With this the Yamuna Expressway Authority that is developing the 5,000-acre airport in Gautam Budh Nagar district of western Uttar Pradesh has secured financial assistance worth over ₹4,500 crore, including funding from Housing & Urban Development Corporation (HUDCO). The tenure of HDFC‘s loan is five years, and the funding amount can be increased at a later stage. The project is estimated to cost over ₹29,500 crore and the authority is keen to raise additional funds through issuance of infrastructure bonds soon, said CEO, Yamuna Expressway Authority, Arun Vir Singh, who added that the agency has achieved financial closure for the first phase of the project.