Yamuna International Airport Pvt Ltd (YIAPL) said on Tuesday that it has raised Rs 3,725 crore in debt from the State Bank of India for the development of the Noida International Airport (NIA) project.
In a statement issued by YIAPL today, it said that it signed the financing agreements with the State Bank of India (SBI) and Noida International Airport Limited (NIAL), the Government of Uttar Pradesh's nodal agency for the project, to achieve financial closure of the Noida International Airport (NIA) project.
It stated that the debt raised from SBI is to be repaid over a period of 20 years with one-year moratorium post completion of the project. YIAPL stated that this is one of the largest financings in an Indian greenfield airport. The financial close marks another crucial milestone for the project, bringing it closer to the start of construction works, it said.
YIAPL said that the project is being funded on a debt-to-equity ratio of 65:35. Zurich Airport International AG (ZAIA), a fully owned subsidiary of Flughafen Zurich AG, is the main shareholder of YIAPL and is injecting INR 2005 crore as equity into the development of Noida International Airport, it stated.
Zurich Airport International AG is a 100 per cent subsidiary of Flughafen Zurich AG - a listed company that operates Zurich Airport as a diversified business and licensee of the Swiss Confederation. The company has a workforce of over 1,500 employees.
Christoph Schnellmann, Chief Executive Officer, Yamuna International Airport Private Limited said, "We are delighted to have signed the financing agreements with SBI and NIAL to develop Noida International Airport. This marks the financial close for the project, and we now eagerly look forward to the development of the airport in close collaboration with our partners including NIAL and SBI. This partnership will boost economic growth and employment in the State of Uttar Pradesh and will bolster Indian aviation's growth story."Arun Vir Singh, Chief Executive Officer, Noida International Airport Limited (NIAL) said, "We are pleased to see the achievement of financial close, a crucial milestone for the Project. This will enable the team to focus on construction works for the airport development. We are all eagerly waiting to build India's leading airport which will boast quality, efficiency, technology, and sustainability. We are very excited and all set to move ahead with a vision to co-create world-class aviation infrastructure."NIA is striving to make air travel more affordable for airlines and passengers by building the infrastructure in a sustainable and cost-effective manner using renewable energy. NIA is envisaged to become India's first net zero-emission airport.
The airport will combine Indian culture and hospitality with Swiss technology and efficiency to develop a modern, consumer-first design, inspired by India. NIA will be a fully digital airport in India, enabling contactless travel and personalized services for families/elderly and business travelers.
YIAPL is a 100 per cent subsidiary of Zurich Airport International AG, which has been incorporated as a Special Purpose Vehicle (SPV) to develop the greenfield Noida International Airport. The Government of Uttar Pradesh has signed the concession agreement with Yamuna International Airport Private Limited (YIAPL), to develop Noida International Airport (NIA) at Jewar.
The company is responsible for implementing the Public-Private Partnership project together with the Government of Uttar Pradesh, New Delhi Okhla Industrial Development Authority, and Greater Noida Industrial Development Authority.
( With inputs from ANI )
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