The Adani Group has concluded financing for the first phase of Navi Mumbai international airport project by raising Rs 12,770-crore loan from the State Bank of India.
The Group announced the execution of financing documents on Tuesday. SBI has underwritten the entire debt requirement of Rs 12,770 crore for the airport project, the Group said in a press release.
The Adani Group took over the Navi Mumbai airport project following its acquisition of Mumbai International Airport Limited last July. At that time the Group had said it would achieve financial closure for the Navi Mumbai airport in three months.
It plans to commission the airport in 2024.
“The Adani Group’s focus is to create and provide best-in-class airport infrastructure and allied services to the consumer,†said Jeet Adani, Director, Navi Mumbai International Airport Limited.
“We aim to converge India’s biggest cities with other surrounding cities and towns in a hub and spoke model. Given the central role airports will play in the future, we intend to develop an economic ecosystem that has airports and airport users at its core. With this facility from the SBI, we have moved a step closer to providing Mumbai with another landmark utility,†he added.
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