GMR Goa International Airports Limited (GGIAL), a subsidiary of GMR Airports Limited, has secured INR13.3bn ($206m) in financing from India-based Axis Bank for the development of Mopa airport inGoa, India.
In 2016, GMR Airports won the bid to develop and operate the green-field airport in North Goa.
Under the agreement, GMR will design, build, finance and operate the international airport for 40 years with extension option for another 20 years.
The green-field airport will be developed in phases and will be scaled up as per traffic growth demands. It will be a full-service airport catering to domestic and international passenger besides freight services.
GMR Group chairman of Airports Srinivas Bommidala said: "GMR Group is delighted to be partnering with Government of Goa for development of a new civilian airport, which will become the gateway to the state of Goa.
"Having tied up funding for the project, we are working towards starting on ground construction activity post monsoon. We are confident that the development of the new airport will significantly boost tourism in Goa and also lead to generation of employment opportunities for Goans."
GMR Airports president Sidharath Kapur said: "The entire debt of Rs. 1330 crores was underwritten by Axis Bank on long tenor door to door basis of 18 years on competitive terms.
"The confidence of banks on the project reflects the intrinsic strength of the project and also the operational and delivery capability of the Spronsor GMR Airports Ltd."