GMR Airports to Raise Rs 5,000 Crore for New Cargo City Project
GMR Airports' board approved raising up to Rs 5,000 crore via securities issuance and the creation of a Special Purpose Vehicle for a new cargo city project at Indira Gandhi International Airport. This move is part of plans to expand their airport operations, including at Hyderabad and Goa.
- Country:
- India
In a strategic move to boost infrastructure, GMR Airports' board has sanctioned the mobilization of Rs 5,000 crore through the issuance of securities. This includes options like fully paid-up equity shares, non-convertible debentures, and possibly Foreign Currency Convertible Bonds.
Moreover, the board authorized the establishment of a wholly-owned subsidiary designed as a Special Purpose Vehicle to spearhead the cargo city project at New Delhi's Indira Gandhi International Airport, the country's largest airport.
This ambitious plan, encompassing the development of a 50.5-acre cargo city, underscores GMR's successful bid to not only enhance IGIA's operational capacity but also to extend its airport management footprint across other locations such as Hyderabad and Goa.
(With inputs from agencies.)
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