News

Mumbai International Airport Ltd gets $750 million funding from Apollo

48views


Adani Group’s Mumbai International Airport Ltd (MIAL) has raised $750 million from Apollo-managed credit funds via senior secured private placement notes. This will be used to refinance existing shorter maturity loans and new capital expenditure.

“We are pleased to work with the Adanis to provide a comprehensive, long-term capital solution for the Mumbai International Airport, a mission-critical infrastructure asset in India,” said Brigitte Posch, Apollo Partner and Global Head of Emerging Market Debt. “Amid significant market volatility, our ability to commit to the entire transaction and take a long-term view reflects some of the key strengths of Apollo’s global credit platform and perpetual capital base.”

“We are set to transform the Mumbai airport from a functional transit point into a vibrant, full-fledged business, hospitality and leisure ecosystem for Mumbaikars and the region,” said Prakash Tulsiani, CEO, MIAL. “Combined with the Adani Portfolio’s proven speed of execution, the proceeds of this issuance will allow us to accelerate MIAL’s transformation and provide immense value to our stakeholders in the post-pandemic period and thereby improve the consumer experience.”

This issuance by MIAL, which is a strategic asset in the Adani Airport Holdings Limited (AAHL) portfolio of airports, marks the first step in its capital management plan.

Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA) has a rich history of over 90 years and been a gateway to the rest of India and the world. It is one of the world’s busiest single-runway airports and the second largest airport in the country. It is among the eight airport assets under AAHL. MIAL also owns 74 per cent stake in Navi Mumbai International Airport Limited (NMIAL), the greenfield airport coming up in suburban Mumbai, which will become the “twin airport” servicing passengers in the Mumbai metropolitan region. Recently, NMIAL announced financial closure of the entire debt requirement of ₹12,770 crore with State Bank of India.

Published on

May 04, 2022



Source link

Leave a Response