Adani Group Achieves Financial Closure For Navi Mumbai Airport

The Adani Group in July last year took over the Mumbai international airport and the Navi Mumbai airport project from the GVK Group.

Representational Image. (Source: Getty Images)

New Delhi: The Adani Group has achieved financial closure for the greenfield airport project in Navi Mumbai with SBI underwriting its entire debt requirement of Rs 12,770 crore, a statement said on Tuesday.

The Adani Group in July last year took over the Mumbai international airport and the Navi Mumbai airport project from the GVK Group.

"Navi Mumbai International Airport Private Ltd (NMIAL), a subsidiary of Adani Enterprises Ltd (AEL), has achieved financial closure for the greenfield international airport project at Navi Mumbai...with the execution of financing documents with the State Bank of India (SBI)," the Adani Group's statement noted.

"The SBI has underwritten the entire debt requirement of Rs 12,770 crore for the NMIA project," it added.

Jeet Adani, Director, NMIAL, said, "With this facility from the SBI, we have moved a step closer to providing Mumbai with another landmark utility.

In line with its vision to be the globally admired leader in the integrated infrastructure and transportation businesses, Adani Group made its maiden venture into the airport sector by emerging as the highest bidder for the operation, management & development of six airports viz. Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati & Thiruvananthapuram and signed the Concession Agreement (CA) for all 6 airports with the Airports Authority of India (AAI).

Out of six CA already signed, Adani Group has already taken over the operation & management of three airports, Ahmedabad, Lucknow & Mangluru.

To hold the entire airport business of the Group, AAHL was incorporated on August 02, 2019, as a 100% unlisted subsidiary of Adani Enterprises Limited, the flagship company of the Group.

AAHL holds 73% in Mumbai International Airport Private Limited, which in turn holds 74% in NMIAL.

With eight airports in its management and development portfolio, AAHL is now India's largest airport infrastructure company, accounting for 25% of airport footfalls and controlling 33% of India’s air cargo traffic.