GMR Goa International Airports (GGIAL), a subsidiary of GMR Airports and a step down subsidiary of the Company, today successfully executed debt facility agreement for the development of Greenfield airport at Mopa.

GMR Airports had won the bid to develop & operate the Greenfield airport at Mopa in North Goa last year and the concession agreement was signed on 8th November 2016. The foundation stone for the project was subsequently laid by the Prime Minister Shri Narendra Modi on November 13, 2016.

Srinivas Bommidala, Chairman Airports said, ''GMR Group is delighted to be partnering with Government of Goa for development of a new civilian airport, which will become the gateway to the state of Goa. Having tied up funding for the project, we are working towards starting on ground construction activity post monsoon. We are confident that the development of the new airport will significantly boost tourism in Goa and also lead to generation of employment opportunities for Goans''.
 
Sidharath Kapur, President, GMR Airport, added, ''The entire debt of Rs 13.30 billion was underwritten by Axis Bank on long tenor door to door basis of 18 years on competitive terms. The confidence of banks on the project reflects the intrinsic strength of the project and also the operational and delivery capability of the Sponsor GMR Airports''.

Goa has been witnessing an aviation boom with traffic at the existing Dabolim growing at a near 30% rate annually for the past 3 financial years.

Shares of the company declined Rs 0.05, or 0.26%, to trade at Rs 19.20. The total volume of shares traded was 2,766,359 at the BSE (10.03 a.m., Monday).