The Adani Group has concluded financing of the Navi Mumbai airport as the public sector lender State Bank of India underwrote the entire debt requirement of Rs 12,770 crore for the project.
“The Navi Mumbai International Airport Pvt., a subsidiary of Adani Enterprises Ltd. has achieved financial closure for the greenfield international airport project at Navi Mumbai, Maharashtra, with the execution of financing documents with the State Bank of India,” it said in its press release issued on Tuesday evening.
The Adani Group had taken over the Navi Mumbai International Airport project following its acquisition of Mumbai International Airport Ltd. last July, making it the largest airport infrastructure company, accounting for 25% of all passenger traffic and 33% of air cargo.
The group had announced that 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,” Jeet Adani, director, Navi Mumbai International Airport Ltd. told BloombergQuint.
“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 said.
SBI Capital Markets Ltd. acted as the financial advisor to the SBI, and Saraf & Partners Law Offices acted as the lenders’ legal counsel. Cyril Amarchand Mangaldas acted as the legal advisor to NMIAL.
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