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GVK plans to raise Rs 135 billion for Navi Mumbai airport project

Navi Mumbai International Airport announced financial closure for the construction of the first phase of the greenfield project last week

Debasis Mohapatra & Abhijit Lele  |  Bengaluru/Mumbai 

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The GVK-led consortium, which is developing the Navi Mumbai International Airport, is in talks with banks to raise around Rs135 billion to fund its second-phase expansion plan. According to sources in the banking industry, the bankers are evaluating a proposal for this big-ticket infrastructure lending.

is evaluating the proposal, and based on the outcome, many other are likely to participate,” a senior banking source said. However, it could not be ascertained how many banks will be a part of this consortium. could not be reached for comments.


Navi Mumbai International Airport (NMIA) announced financial closure for the construction of the first phase of the greenfield project last week. The company said Yes Bank would be the lead bank in this phase. NMIAL is a public-private partnership venture in which GVK-led Mumbai International Airport (MIAL), which operates the airport in the city, has a 74 per cent stake. MIAL’s shareholders include Industries, Airports Company South Africa and Bidvest. City and Industrial Development Corporation of Maharashtra holds the remaining 26 per cent in the project.

First Published: Sun, August 12 2018. 21:41 IST
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