DIAL secures financing of Rs4,940 crore for Delhi airport uplift
08 December 2007
New Delhi: The GMR-led Delhi International Airport Limited (DIAL) on Friday secured financing from a consortium of 12 banks for a Rs4,940-crore loan intended to modernise Delhi airport.
This amount is a portion of the total capital expenditure for phase-I (till year 2010), which is estimated at about Rs8,900 crore. This total amount is expected to be funded by debt and equity in a ratio of 1.25:1, comprising equity and quasi-equity of around Rs3,950 crore, and a debt component of around Rs4,940 crore.
According to DIAL's chief financial officer, Shirish Navlekar, the company has signed key financing documents with its project lenders for Rs3,650 crore and foreign currency loans of $350 million to fund the project.
The rupee component of the debt, amounting to Rs3,650 crore, has been raised with 17 year door-to-door tenor at an interest rate of 10.50%, and ECB component of $350 million has been raised with a 13 year door-to-door tenor, a statement from DIAL said.
''The deal has been syndicated by ICICI Bank Ltd,'' Navlekar added.