GMR to raise $350 million via bonds for Delhi airport expansion
Updated : May 07, 2019 12:22 PM IST
Proceeds from the proposed bond would be used to help fund a major expansion to increase the passenger handling capacity of Indira Gandhi International Airport to up to 100 million passengers per annum, which the company expects would cost up to Rs 9800 crore over a three-year development phase, Moodys said.
The proposed bond's Ba2 senior secured rating reflects the airport's strong market position and robust passenger traffic, which would likely grow at a high single-digit percentage per annum over the next 18 months under Moody's base case scenario, it said.
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