GMR and NIIF together to invest in three airports

In order for NIIF to engage in the equity capital of three airport projects, GMR Airports Limited (GAL) and NIIF (National Investment and Infrastructure Fund) have signed a financial cooperation. These include the new international airports in Bhogapuram, Andhra Pradesh, and Mopa, Goa.

The transaction calls for NIIF to make a primary investment of INR 6.31 billion in GMR Goa International Airport Limited (GGIAL), a special purpose vehicle created to manage and operate the New Goa Airport, in the form of Compulsory Convertible Debenture (CCD). The acquisition is subject to the usual closing requirements and required approvals. This would be NIIF’s first direct investment in the state of Goa as well as its first investment in an airport asset in the nation.

In 2016, GGIAL received a Design-Build-Finance-Operate-and-Transfer (DBFOT) basis concession to build and run a second airport in Goa. A state government granted a PPP concession for the greenfield airport at Mopa. The airport has already been granted an aerodrome licence, and once it is operational, it will work in tandem with Dabolim Airport to create India’s first dual-airport system. With a maximum capacity of 40 million people annually, Mopa International Airport will initially be able to handle up to 4.4 million passengers annually.

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