Home / Business and Economy / GMR Secures ₹750 Cr Loan for Delhi Airport Cargo Hub
GMR Secures ₹750 Cr Loan for Delhi Airport Cargo Hub
27 Nov
Summary
- GMR Cargo & Logistics received a ₹750-crore loan from Axis Bank.
- The funds are for developing a cargo city on 50.5 acres at Delhi airport.
- GMR Airports pledged shares to secure the financing for the project.
GMR Cargo and Logistics has successfully obtained a substantial term loan facility of up to ₹750 crore from Axis Bank. This crucial funding is designated for the development of an expansive cargo city project situated on 50.5 acres at Delhi's Indira Gandhi International Airport.
The financing was secured through a combination of sponsor support and the pledging of 51% of GMR Cargo and Logistics Ltd (GCLL) shares by GMR Airports. This financial backing ensures the project's progression through its initial phase and beyond.
GMR Airports has committed to supporting the project, including provisions for cost overruns and ensuring repayment shortfalls. The cargo city's development is proceeding under a concession agreement between GCLL and Delhi International Airport Ltd (DIAL), finalized in late September.
