The Adani Group has invested nearly $1 billion in Navi Mumbai International Airport Ltd, which is set to commence operations by December 2024.
So far, the Navi Mumbai airport ($1.18 billion), including an equity infusion of Rs 1,710 crore ($234 million) from Adani and an additional Rs 3,655 crore ($498 million) equity from the City and Industrial Development Corporation of Maharashtra Ltd (Cidco). Adani has also raised term loans worth Rs 2,900 crore ($396 million) from a consortium of banks, and Adani and Cidco will invest an additional Rs 1,511 crore ($206 million) as the project progresses.
The due diligence by banks has been recently completed, followed by the investment. The first of the four planned international passenger terminals is expected to commence operations before December 2024, and it is expected to handle at least 2 crore passengers and 3 lakh tonnes of cargo annually, easing the burden on the Mumbai international airport, which will see 5.1 crore passengers this fiscal. The current investment round is sufficient to build the first two of the planned five stages of the Navi Mumbai airport.
The project requires a total investment of $2.5 billion, of which at least Rs 12,770 crore ($1.74 billion) is expected to be raised as term loans from a consortium of lenders, including State Bank of India, EXIM Bank of India, IDBI Bank, India Infrastructure Finance Co. Ltd, Union Bank of India, Punjab National Bank, Central Bank of India, and Bank of Maharashtra. Some loans have a tenure of up to 26 years.
The Navi Mumbai airport project, with a capacity to handle 9 crore passengers and 25 lakh tonnes of cargo annually, will be completed in 2032.
The airport, spread across 1,160 hectares of land and located approximately 35 km from Mumbai Airport, will have four passenger terminals, one dedicated general aviation terminal, one cargo terminal, two runways, and at least 42 aircraft parking areas in the first two stages and 245 aircraft stands in the remaining three stages.