New Delhi / Greater Noida: Yamuna International Airport Pvt Ltd (Yapl), a subsidiary of Zurich AG, has accumulated Debt RS 3,725 Crore from Bank Negara India to fund Noida International Airport.
Financial closure will open the way for construction to start at one of the largest Greenfield airports in the country.
The number is one of the biggest financing for Indian Greenfield airport.
Loans must be paid more than 20 years with a moratorium one year after the project solution.
The Noida Airport project is being funded at the debt equity ratio of 65:35.
Zurich Airport International AG, a subsidiary wholly owned from Flughafen Zurich AG, is the main shareholder of Yiap and inject Rs 2,005 Crore as equity into the project.
Christoph Schnellmann, CEO of Yiap: “We are pleased to have signed a financing agreement with SBI and Nia Ltd (NIAL) to develop Noida International Airport.
This marks financial closure for the project.
We are now very looking forward to the development of the airport in collaboration closely with our partners, including nial and SBI.
“Arun VIR Singh, CEO of Noida International Airport Limited, the vehicle of government-specific destinations for the project, describes financial closure as an important milestone.
“This will allow the team to focus on construction work.
We all vigorously waiting to build an Indian leading airport, which will boast quality, efficiency, technology and sustainability.
We are passionate and ready to move forward with a vision to create world-class flight infrastructure together.
“Apart from one with SBI, two other financial agreements were signed on Tuesday.
They are an escrow account agreement and substitution agreement.
It’s important to describe all conditions and obligations of both Yiap and Nial.
Substitution agreements are signed for large public private partnership projects to facilitate increased debt for concession holders – Yiap in this case.
Officials said this project aims to make air travel more affordable by building infrastructure on an ongoing and cost-effective use of renewable energy.
Noida is expected to become the airport of the first zero emission of India.
This will be a fully digital airport, allowing trips without contact.