Andhra Pradesh - Hyderabad   

GMR to raise Rs. 718 crores for airport

Special Correspondent

HYDERABAD: GMR Hyderabad International Airport Limited, which is developing Shamshabad international airport, on Friday executed financial agreements with Abu Dhabi Commercial Bank, Andhra Bank and Vijaya Bank to raise Rs. 718 crores for funding the expansion programme of the airport.

A release of the company said the loan would be used for creation of additional facilities, common fuel farm and business hotel at the airport. Among others, the extra facilities proposed were more aircraft parking stands, rapid exit taxiways.

The loan would meet the increase in the project cost from Rs. 1,760 crores to Rs. 2,478 crores on account of the expansion programme as approved by the Board of Directors in October last.

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