MIAL achieves financial closure

Mumbai, Apr 25 (UNI) Mumbai International Airport Pvt Ltd (MIAL), the GVK-led consortium which is modernising the Chhatrapati Shivaji International Airport (CSIA) here, today achieved financial closure.

MIAL has tied up its required long-term fund based debt requirements of about Rs 4,200 crore with a consortium of banks and financial institutions, led by Industrial Development Bank of India Limited (IDBI), a release said here today.

The investment will be utilised with the objective of developing CSIA into a world-class airport handling passenger traffic of 40 million per annum. Some of the key upgrading factors will be building a common integrated terminal for both domestic and international passengers upgrading and developing the runway system with taxiways and rapid exit taxiways to improve the operating efficiencies and increase the Air Traffic Movements (ATMs) and developing infrastructure on the city-side and creating efficient access to the terminals.

IDBI is the Lenders Agent, while UTI Bank Ltd is acting as Escrow Banker and Trust and Retention Account Banker. The consortium comprises Andhra Bank, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, India Infrastructure Finance Company Ltd (IIFC), Indian Bank, IDBI, Oriental Bank of Commerce, Punjab National Bank, Syndicate Bank, United Bank of India, UTI Bank Ltd and Vijaya Bank, the release added.

UNI