GMR Airports and NIIF announce partnership for investment in 3 airports

7 Dec 2022 , 09:49 AM

GMR Airports Limited (GAL), the airport holding company and a subsidiary of GMR Airports Infrastructure Limited (formerly known as GMR Infrastructure Limited), and NIIF (National Investment and Infrastructure Fund) announced a financial partnership in which NIIF will invest in the equity capital of three airport projects.

Greenfield international airports in Mopa, Goa, and Bhogapuram, Andhra Pradesh are among them.

The transaction calls for NIIF to make a primary investment of Rs631 crore in the form of Compulsory Convertible Debentures (CCD) in GMR Goa International Airport Limited (GGIAL), a special purpose vehicle entrusted with running and operating the New Goa Airport.

The transaction is subject to customary closing conditions and required approvals. This is NIIF’s first investment in an airport asset in the country, as well as its first direct investment in the state of Goa.

Mopa International Airport will have a design capacity of up to 4.4 million passengers per year in the first phase, with an ultimate capacity of up to 40 million passengers per year.

In addition to Mopa International Airport, GAL is developing upcoming airports in Bhogapuram, Andhra Pradesh, and Crete, Greece, and is awaiting the signing of the Nagpur airport concession agreement, which is a brownfield project.

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