GMR Malé International Airport Private Limited (GMIAL), a subsidiary of GMR Infrastructure Limited (GIL), on Thursday said it has achieved financial closure for the project to modernise, expand and operate the Malé International Airport.
Earlier this year on June 24, the consortium led by GIL with Malaysia Airports Holdings Berhad (MAHB) had won the concession for the Malé Airport for a period of 25 years.
GMIAL is the special purpose vehicle formed in Maldives pursuant to the concession in which the stake of GIL and MAHB is 77 per cent and 23 per cent, respectively.
The total cost of the modernisation and expansion project, estimated at USD 511 million, is being funded through a combination of debt and equity in the ratio of 70:30.
The debt component of USD 358 million has been tied up with Axis Bank Ltd., Singapore Branch, who is acting as the Sole Underwriter and Mandated Lead Arranger for the entire debt facility.
The debt has a door to door tenure of 12 years with ballooning repayment over seven years commencing from June 2015. Axis Bank is also acting as Security Trustee and Facility Agent whereas State Bank of India, Maldives Branch is acting as Account Bank for the debt facility.
With Malé, the GMR Group has four operational airports. The others being Delhi, Hyderabad and Istanbul.