GMR Airports Ltd (GAL), the airport business holding entity and a subsidiary of GMR group Airport Infrastructure Ltd, and National Investment and Infrastructure Fund (NIIF) have entered into a financial partnership for NIIF to invest in the equity capital of three airport projects. These include the greenfield international airports at Mopa in Goa and Bhogapuram, Andhra Pradesh. The transaction envisages NIIF making a primary investment of Rs 6.31 billion in the form of Compulsory Convertible Debenture in GMR Goa international airport (GGIAL), a special purpose vehicle to run and to operate the new Goa airport. The transaction is subject to customary completion conditions and necessary approvals. This investment shall be NIIF’s first investment in an airport asset in the country and its first direct investment in the State of Goa.
GBS Raju, Business Chairman- Airports, GMR Group, said, “The airports have been designed to capture the vibrancy and the essence of Goan culture. Our partnership with NIIF which will also extend to two more airports is a further testament of GMR’s credibility as an airport infrastructure developer and the future of the aviation industry in the country.”
Vinod Giri, Managing Partner-Master fund, National Investment and Infrastructure and Infrastructure Fund Ltd, said, “NIIF believes that Mopa International airport will boost air connectivity to the State and will provide strong tailwinds to the tourism linked economy of Goa.”