YIAPL achieves Rs 3,725-cr financial close for Noida International Airport

By: |
August 11, 2021 8:30 AM

YIAPL has raised Rs 3,725 crore in debt from SBI to be repaid over a period of 20 years, with a one-year moratorium after completion of the project. This is one of the largest financing amounts for any greenfield airport in India.

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Yamuna International Airport (YIAPL), a 100% subsidiary of Zurich Airport International incorporated as a special purpose vehicle to develop the greenfield Noida International Airport, on Tuesday signed financing agreements with the State Bank of India (SBI) and Noida International Airport (NIAL), the Uttar Pradesh government’s nodal agency for the project, to achieve financial closure of the project.

YIAPL has raised Rs 3,725 crore in debt from SBI to be repaid over a period of 20 years, with a one-year moratorium after completion of the project. This is one of the largest financing amounts for any greenfield airport in India.

The project is being funded on a debt-to-equity ratio of 65:35. Zurich Airport International, a fully owned subsidiary of Flughafen Zurich, is the main shareholder of YIAPL and is injecting Rs 2,005 crore as equity into the development of the airport.

“We are delighted to have signed the financing agreements with SBI and NIAL to develop Noida International Airport. This marks the financial close for the project, and we now eagerly look forward to the development of the airport in close collaboration with our partners including NIAL and SBI,” Christoph Schnellmann, chief executive officer, YIAPL, said. The partnership will boost economic growth and employment in Uttar Pradesh, he said.

Arun Vir Singh, chief executive officer of NIAL, said the financial close is a crucial milestone for the project and will enable the team to focus on construction works. “We are all eagerly waiting to build India’s leading airport, which will boast of quality, efficiency, technology, and sustainability. We are very excited and all set to move ahead with a vision to co-create world-class aviation infrastructure,” he said.

The Noida International Airport is envisaged to be India’s first net zero emission airport and will be a fully digital airport, enabling contactless travel and personalised services.

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