Noida international airport plans to raise Rs 3,725 crore in term loans

Officials said on Tuesday that Yamuna International Airport Pvt Ltd (YIAPL) had raised 3,725 crore debts from the State Bank of India for the development of the upcoming Noida International Airport. YIAPL is a 100% subsidiary of Swiss developer Zurich Airport International AG (ZAIA) and has been merged to develop Jewar Airport, approximately 70 kilometers from the main area of ​​Delhi.

Officials said the Uttar Pradesh government also learned of the full funding for the first phase of the project on Tuesday. They said that the “financing agreement” was signed by YIAPL, the State Bank of India (SBI) and Noida International Airport Ltd. (NIAL), which is a project node institution established by the Uttar Pradesh government.

“YIAPL has raised 3,725 crore debts from SBI, which will be repaid within 20 years and will be suspended for one year after completion of the project. This is one of the largest financings for a Indian greenfield airport. The financial closer marks another key milestone for the project. Bring it closer to the beginning of the construction project,” the official statement read.

The debt-to-equity ratio of the project is 65:35. It added that ZAIA is a fully-owned subsidiary of Flughafen Zurich AG, a major shareholder of YIAPL, and will inject Rs 2,005 crore into the development of Noida International Airport.

“We are now eagerly looking forward to working closely with partners including NIAL and SBI to develop the airport. This partnership will promote economic growth and employment in Uttar Pradesh, and will promote the development of the Indian aviation industry,” Christoph Schnellmann, CEO of YIAPL Said.

News Source : Business Standard