The India Infrastructure Finance Company Limited (IIFCL) has extended a credit of INR 66.3bn for the development of six major airports in India, Delhi, Mumbai, Hyderabad, Navi Mumbai, Noida and the newly developed Manohar International Airport in Goa. Going ahead the firm is planning to increase its exposure in aviation revealed P R Jaishankar, Managing Director, IIFCL.
Jaishankar said: “These airports are of national importance and have been facilitating and improving connectivity across the nation. We are committed to supporting the government in its mission to improve connectivity for the masses and lower down the logistics cost to benefit the economy at large. IIFCL will continue to extend its support to develop world class airport infrastructure in India and exploring opportunities in funding the greenfield airport projects, as well as Maintenance, Repairs and Overhaul (MRO) facilities under PPP mode by way of term loan, subscription to bonds, refinancing, or credit enhancement etc.”
In the next five years, FY23 to FY 27 India is about to witness investments worth over INR 85 bn for airport infrastructure. These include the investments of INR 25bn by Airport Authority of India for development and capacity expansion at major private airports, investment of INE 30 to 35bn towards 21 new greenfield airports and INR 17bn by the Adani Group for the development of six airports acquired from Airports Authority.
Anticipating the scope of growth and passenger demand in India, the Government has planned to open 100 additional airports by 2024 and increase the number of operational airports to 190-200 by FY40.