Bangalore, 25th November, 2010: GMR Male International Airport Private Limited (GMIAL), a subsidiary of GMR Infrastructure Limited (GIL) has achieved financial closure for the project to Modernize, Expand and Operate the Male International Airport. Earlier this year on June 24th 2010, the consortium led by GIL with Malaysia Airports Holdings Berhad (MAHB) had won the concession for the Male Airport for a period of 25 years. GMIAL is the special purpose vehicle formed in Maldives pursuant to the concession in which the stake of GIL and MAHB is 77% and 23% respectively.
The total cost of the modernization and expansion project, estimated at USD 511 million, is being funded through a combination of debt and equity in the ratio of 70:30. The debt component of USD 358 million has been tied up with Axis Bank Ltd., Singapore Branch, who is acting as the Sole Underwriter and Mandated Lead Arranger for the entire debt facility. The debt has a door to door tenure of 12 years with ballooning repayment over 7 years commencing from June 2015. Axis Bank is also acting as Security Trustee and Facility Agent whereas State Bank of India, Maldives Branch is acting as Account Bank for the debt facility.
At an official ceremony held today at Hulhule Island, the aerodrome license was handed over by Chairman of Male Airports Company Limited, Mr Ibrahim Saleem to Mr. Kiran Kumar Grandhi, Business Chairman, Airports, GMR Group. The ceremony graced by HE President, Mahamod Nasheed and his cabinet ministers was well received. Starting today, GMR & MAHB will operate the Male International Airport, 4 months ahead of schedule.
Male International Airport is the gateway to the idyllic and enchanting Maldives and is one of the fastest growing airports in the region. Situated on Hulhule Island in the politically stable archipelago of Maldives at the South Western tip of India, MIA is the largest airport in Maldives located in the capital city of Male. The traffic at the Male Airport in the year 2009 was 2.6 Million passengers with traffic growth in first half of 2010 clocking over 20% on YoY basis.
With Male, the GMR Group has four operational airports. The others being Delhi, Hyderabad and Istanbul.
About GMR Group
GMR Group is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure. The Company has successfully employed the public-private partnership model to build a portfolio of high quality assets. The Company has 14 power projects of which 3 are operational (808 MW) and 11 projects (8448 MW) are under various stages of implementation. It has 9 road projects, of which 6 are operational (421 km) and 3 are under construction (309 km). In the Airports sector, it has developed and commissioned the Greenfield International Airport at Hyderabad. The Group, besides operating and modernising the existing Delhi International Airport, has also constructed a brand new integrated terminal T3 which is inaugurated in July 2010. It has also built a new terminal, designed to handle 20 million passenger capacity, at the Istanbul Sabiha Gökçen International Airport in Turkey and is operating it successfully. Additionally, the Group is committed to social development initiatives and executes these through its Corporate Social Responsibility arm, the GMR Varalakshmi Foundation (GMRVF).
For further information about GMR Group, visit www.gmrgroup.in
Malaysia Airports Holdings Berhad (MAHB) was incorporated as a public limited company in November 1999 and was thereafter listed on the Main Board of the Kuala Lumpur Stock Exchange, becoming the first airport operating company to be listed in Asia and the sixth in the world. MAHB currently operates and manages 38 commercial airports in Malaysia, of which 5 are major international airports including the Kuala Lumpur International Airport. The core activities include the management, operation and maintenance as well as development of airports, with primary importance being placed on the operational efficiency, safety and security of passengers, cargo and aircraft operations. Apart from being an investor, MAHB provided technical services to The Rajiv Gandhi International Airport.