The much awaited modernization programme of Delhi Airport has crossed a major milestone as Delhi International Airport Ltd (DIAL), the special purpose vehicles formed on public private partnership achieved the Rs 8,900 crore financial closure. The company has entered into an agreement with domestic and international lenders to raise a debt of Rs 4940 crore.
This includes Rs 3650 crore from a consortium of 12 banks and financial institutions in the domestic market and additional $350 million in foreign currency loan.
According to DIAL’s chief finaicial officer Shirish Navlekar, the total capital expenditure programme of the first Phase till year 2010 is estimated at about Rs. 8,900 crore.
This is expected to be funded by debt and equity in the ratio of 1.25:1 comprising equity of about Rs. 3,950 crore and debt of Rs. 4,940 Crore.
The rupee component of the debt amounting to Rs. 3,650 crore has been raised with 17 year maturity at an interest rate of 10.50 per cent and $350 million through external commercial borrowing route with a 13 year tenor.