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regular-article-logo Tuesday, 05 November 2024

Adanis sew up funds for airport projects

‘We are focussed on delivering high quality infrastructure access to our consumers both through physical and digital channels’

Our Special Correspondent New Delhi Published 10.05.22, 02:44 AM
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Representational Image File Photo

The Adani group on Monday said it has raised $250 million from a consortium of Standard Chartered Bank and Barclays Bank to be repaid in three years.

The funds will be invested to build capital assets at the six airports it manages under a public private partnership. The group has an option to raise another $200 million under the existing facility, it said in a statement.

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Adani Airport Holdings Ltd (AAHL), a wholly owned subsidiary of Adani Enterprises Ltd, runs seven airports — Mumbai, Ahmedabad, Guwahati, Jaipur, Lucknow, Mangalore and Thiruvananthapuram.

“We are focussed on delivering high quality infrastructure access to our consumers both through physical and digital channels,” a Adani Airports Holding Limited (AAHL) spokesperson said.

Last week, Mumbai International Airport Limited raised $750 million for refinancing and capex.

The group said that the first phase of its management plan has been put in motion with funds tied up for operational and under-construction airports.

While the Adani group took over Mumbai airport from GVK last year, it won the bid to operate six airports from the Airport Authority of India (AAI) on a 50-year lease. The group is also developing the Navi Mumbai airport.

The Adanis made a private placement of $750 million with Apollo Global for the Mumbai airport. It has also tied up with the domestic banks for a $1.74 billion loan for the Navi Mumbai airport.

“With this, AAHL has tapped three different pools of capital accumulating to $2.74 billion,” an official statement said.

Adani Airports said it would now access the capital markets and long-term capital for infrastructure development. The airport network of the Adanis comprises eight airports that handles 23 per cent of traffic and 30 per cent of cargo.

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