Adani Group concludes financing for Navi Mumbai airport project

31 Mar 2022 CW Team

Adani Group has concluded financing for the Phase-I of the Navi Mumbai international airport project by fundraising a Rs 12,770 crore loan from the State Bank of India (SBI).

It had also announced the execution of financing documents. SBI has funded the entire debt requirement of Rs 12,770 crore for the airport project.

Adani Group took over the Navi Mumbai international airport project, followed by the acquisition of Mumbai International Airport Limited last year in July. The company had said it would achieve financial closure for the Navi Mumbai airport in three months. It has planned to commission the airport in 2024.

The Director of Navi Mumbai International Airport Limited, Jeet Adani, told the media that Adani Group’s focus is to create, and provide best-class airport infrastructure and allied services to the consumer.

He said that the company aims to converge India’s biggest cities with other surrounding cities and towns in a hub and spoke model. The airports will play a role in the future, and the company aims to develop an economic ecosystem that has airports and airport users at its core.

He said that with this new facility from the SBI, the company had stepped closer to providing Mumbai with another landmark utility.

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