GMR Airports Secures Rs 800 Crore from Banking Powerhouse Trio

GMR Airports successfully secured Rs 800 crore in funding from a consortium comprising Standard Chartered Bank, Varde Partners, and Aditya Birla Special Situation Fund. Standard Chartered Bank Singapore contributed Rs 400 crore, Varde Partners' Credit Solution India Trust invested Rs 300 crore, and Aditya Birla Special Situation Fund injected Rs 100 crore into the venture. These funds are earmarked for deployment across GMR Airports' subsidiaries, joint ventures, associate companies, or any other entities within the airport group.

The financial infusion, provided for a duration of two years and eleven months, adds to the substantial capital raised by GMR Airports and its special purpose vehicles (SPVs) - GMR Goa International Airport and GMR Visakhapatnam International Airport. Since November, the cumulative funding for capital expenditure and refinancing has surpassed Rs 8,400 crore.

In December 2023, GMR Airports, the overarching holding company overseeing operations at Delhi, Hyderabad, and Goa airports, secured Rs 800 crore through unsecured non-convertible debentures (NCDs).

The broader GMR Group currently manages eight airport assets, with operations underway or in various stages of development. Operational airports include Delhi, Hyderabad, Goa, and Cebu in the Philippines. The group is actively progressing with the development of Bhogapuram (Andhra Pradesh), Bidar (Karnataka), Crete (Greece), and Medan (Indonesia). Additionally, GMR has secured the bid for the Nagpur airport, awaiting project award confirmation.

News by Rahul Yelligetti