Navi Mumbai Airport: GVK seals ₹16,000-cr funding deal

In a recent development GVK Power and Infrastructure has achieved financial closure for Navi Mumbai International Airport project entailing an investment of ₹16,000 crore. In this connection, GVK-led Navi Mumbai International Airport had inked the concession agreement with City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) for the green field airport project in January this year, Executive Chairman of Mumbai International Airport Ltd and Navi Mumbai International Airport, GVK Reddy, said, adding that the company has achieved the financial closure on schedule and move will now enable to focus on the next steps, which is the construction and completion of the first phase of yet another land-mark airport project in India. YES Bank is the lead bank and mandate lead manager for Phase I and Phase II of the project. It may be recalled that Navi Mumbai International Airport Pvt Ltd is the special purpose vehicle (SPV) for the execution of the new green field airport project and this is the step down subsidiary that has achieved financial closure for the project.