GMR group to raise Rs 3,200 cr loan for developing Vizag int’l airport
GMR Group is planning to raise Rs 3,200 crore in term loans for developing Visakhapatnam International Airport, Andhra Pradesh.
The project cost has been estimated at over Rs 4,700 crore and the term loan conditions envisage a construction period of three years, a one-year moratorium, and a repayment tenor of 14 years.
Besides the debt component, equity contribution from promoters for the project has been pegged at about Rs 1,370 crore. The sponsor contribution requirement includes Rs 350 crore in the form of sub-debt, proposed to be raised during the construction phase.
