SBI underwrites the entire debt of ₹12,770 crore of Adani’s Navi Mumbai airport

SBI has underwritten the entire debt requirement of ₹12,770 crore for the Navi Mumbai International Airport project

March 29, 2022 10:12 pm | Updated March 31, 2022 12:26 pm IST - Mumbai

Photo used for representational purpose only. File

Photo used for representational purpose only. File | Photo Credit: Reuters

Navi Mumbai International Airport Private Ltd. (NMIAL), a subsidiary of Adani Enterprises Limited (AEL), on Tuesday said it has achieved financial closure for the greenfield international airport project at Navi Mumbai, Maharashtra with the execution of financing documents with the State Bank of India (SBI). 

“The SBI has underwritten the entire debt requirement of ₹12,770 crore for the NMIA Project,” NMAIL said in a statement.

“The Adani Group’s focus is to create and provide best-in-class airport infrastructure and allied services to the consumer,” Jeet Adani, Director, NMIAL said.

“We aim to converge India’s biggest cities with other surrounding cities and towns in a hub and spoke model. Given the central role airports will play in the future, we intend to develop an economic ecosystem that has airports and airport users at its core. With this facility from the SBI, we have moved a step closer to providing Mumbai with another landmark utility,” he added.

“The achievement of financial closure signifies the commitment of the Adani Group to mobilise the required resources and complete, within the set timelines, the NMIA Project which was taken over pursuant to the acquisition of Mumbai International Airport Ltd. (MIAL) by the Group through Adani Airport Holdings Ltd. (AAHL), in July 2021,” NMAIL added.

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