The National Investment and Infrastructure Fund (NIIF) will invest Rs 6.31 billion in the upcoming greenfield airport in Mopa in north Goa, built by GMR Airports Ltd (GAL), the airport operating holding company of GMR Airports Infrastructure.
The two entities announced a financial partnership for NIIF to invest in the equity of three airport projects. These include the greenfield international airports of Mopa and Bhogapuram in Andhra Pradesh.
The agreement provides for a primary investment of Rs 6.31 billion by NIIF in the form of Mandatory Convertible Bonds (CCD) in GMR Goa International Airport Ltd (GGIAL), a special purpose vehicle to operate and maintain the new Goa airport. exploit. The transaction is subject to customary closing conditions and approvals.
This will be NIIF's first investment in an airport property in the country and the first direct investment in the state of Goa.
GGIAL was awarded the concession for the development and operation of a second airport in Goa in 2016 on a Design, Build, Finance, Operate and Transfer (DBFOT) basis. Mopa airport has already received its aerodrome license and when commissioned will be part of India's first two-airport system, alongside Dabolim airport.
GMR Airports is the largest private airport operator in Asia and the second largest in the world. It has Groupe ADP as a strategic partner with a 49% stake. In India, GMR operates Delhi and Hyderabad airports.
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