Mumbai: The Adani Group-controlled Mumbai International Airport Ltd (MIAL) has pledged a 51 percent stake in the Navi Mumbai International Airport (NMIAL) to the State Bank of India (SBI), media reports said.
This pledge is tied to a loan of Rs 12,770 crore granted by SBI for the greenfield airport project, the Financial Express reported.
MIAL, which holds a 74 percent stake in NMIAL, is managing the airports development.
The Navi Mumbai airport is now expected to begin operations in the final quarter of the 2024-25 financial year (FY25), after a three-month delay from its original schedule.
The Adani Group achieved financial closure for the Navi Mumbai International Airport (NMIAL) project in March 2022 after SBI agreed to underwrite the entire debt requirement of Rs 12,770 crore.
Previously, NMIAL had secured financing of Rs 8,645 crore from Yes Bank to fund the design, development, and construction of Phase I of the airport.
However, Yes Bank later unilaterally canceled the arrangement, prompting a revised financing deal with SBI.
Upon full completion, the Navi Mumbai airport is expected to accommodate 90 million passengers and handle 2.6 million tonnes of cargo annually by FY32.
The first phase alone will introduce a capacity of 20 million passengers.
The airport will ultimately have four passenger terminals and two parallel runways.
By comparison, Mumbai International Airport currently handles 55 million passengers per year.
Adani Airport Holdings Ltd (AAHL), which oversees Mumbai International Airport Ltd (MIAL) and controls 23 percent of Indias air traffic, recently sought shareholder approval to increase its borrowing limit from Rs 20,000 crore to Rs 30,000 crore.
This move, passed through a special resolution at the companys annual general meeting, underscores AAHLs plans for further expansion and managing its financial commitments.
Despite operating seven airports across India, including Mumbai International Airport, AAHL faces financial difficulties.
MIAL reported a loss of Rs 608 crore in FY24, while Ahmedabad airport posted a Rs 327 crore loss.
Other airports in AAHLs portfolio, such as those in Jaipur, Guwahati, Thiruvananthapuram, Mangaluru, and Lucknow, also incurred losses during the same period.
