GMR has successfully secured a loan of Rs 4,000 crore from India Infrastructure Finance Company (IIFCL), a leader in raising funds for the well-established group. These funds are earmarked for the development of a brand-new international airport in Vishakhapatnam, Andhra Pradesh.
The upcoming airport is taking shape on the outskirts of Bhogapuram, sprawling across 2,200 acres. This strategic location in the bustling coastal city, equipped with a significant port and a steel facility, is a crucial part of GMR’s strategy to expand its presence in the aviation sector. This new airport is poised to become the fourth major airport in GMR’s portfolio, alongside its operations in Delhi, Hyderabad, and Goa.
The consortium led by IIFCL is providing financial backing for GMR’s latest airport venture, which will be executed in three phases. The initial phase is designed to accommodate six million passengers annually. Upon completion, this airport is expected to play a pivotal role in the state’s development and significantly boost tourism in the northern region.
GMR and France-based Groupe ADP, renowned for operating all three airports in Paris, have a joint venture dedicated to the construction and operation of airports. IIFCL has approved a loan with a 14-year term, and other financiers like REC, PFC, and public sector banks are anticipated to join this consortium.