DIAL to recieve Rs 3,850 cr from Indian banks, $ 350 through ECBs

New Delhi, Dec 7 (UNI) Delhi International Airport (P) Ltd (DIAL), today said it has signed key financing documents with its project lenders for Rs 3,650 crore and foreign currency loan of 350 million dollars for modernisation and expansion of the Indira Gandhi International Airport, New Delhi.

The Public Private Partnership (PPP) initiative has been mandated to modernise and restructure Indira Gandhi International Airport.

According to company Chief Financial Officer Shirish Navlekar, the total capital expenditure programme of the first Phase till year 2010 is estimated at about Rs 8,900 crores.

This is expected to be funded by debt and equity in the ratio of 1.25:1 comparing equity and quasi-equity of about Rs 3,950 crores and debt of Rs 4,940 crore, said a statement.

Mr Navlekar said a consortium of 12 banks has signed the financing documents for loans aggregating to Rs 4,940 crore at the document signing ceremony held here.

The rupee component of the debt amounting to Rs 3,650 crore has been raised with 17-year door-to-door tenor at an interest rate of 10.50 per cent and ECB component of 350 million dollar has been raised with a 13-year door-to-door tenor.

The company has received an overwhelming response from the banks by way of total Rupee loan sanctions crossing Rs 8,600 crore and ECB of 500 million dollars against the total debt requirement of Rs 4,940 crore.

The deal has been syndicated by ICICI Bank Ltd.

The total requirement of debt has been financed by Canara Bank Rs 600 crore, IIFCL Rs 500 crore, Union Bank of India Rs 500 crore, and Oriental Bank of Commerce Rs 400 crore.

Central Bank of India chipped in with Rs 400 crore, Andhra Bank Rs 250 crore, Vijaya Bank Rs 250 crore, IDFC Rs 250 crore, Bank of India Rs 250 crore and Punjab National Bank Rs 250 crore.

Foreign Currency loan of the ICICI Bank, Singapore has financed 200 million dollars and Abu Dhabi Commercial Bank 150 million dollars.

DIAL is currently implementing the Master Plan for the development of a new airport complex. Work on the integrated passenger terminal and runway commenced in February 2007 and the new terminal would be inaugurated in 2010 before the Commonwealth Games.

Prior to that in 2008, the brand new Code F compliant runway and domestic terminal will be ready to cater to the growing traffic.

IGI Airport is one of the largest airports in India with over 20 million passengers per year, and will become one of the largest airports in the region by 2010, with slated capacity of 37 Million passenger per annum (mppa).

The Master Plan envisages an ultimate design capacity of 100 million passengers per annum by 2026.

UNI