Adani readies up to ₹15,000-crore SBI funding for Navi Mumbai Airport
The construction of the second airport in India’s commercial capital is finally taking shape with the Adani Airport Holdings readying funding of up to ₹15,000 crore from the State Bank of India for the proposed airport in Navi Mumbai.
The group is said to have lined up one of the largest project financing loans from India’s largest lender, State Bank of India, signalling the return of capex loans for infrastructure projects.
Sources in the know also told ET that the estimated project cost has further increased by ₹4,000 crore to ₹20,000 crore. “Of the total cost, ₹5,000 crore will be put by the Adani Group and the rest will come through borrowings,” the source added.
An email sent to the Adani group on Wednesday did not elicit any response till the time of going to print.
The bank is said to have completed the project appraisal. It is now finalising contours of the loan, which is likely to be long term, possibly of 15-year tenor. “It makes sense for a bank like SBI to go for such a long-term project loan as the lender is also seeking prudential credit opportunity,” said an executive familiar with the matter.
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