Hyderabad International Airport achieves financial closure

A consortium of lenders, including Allahabad Bank, Bank of Baroda, Canara Bank, IDBI (Industrial Development Bank of India), Oriental Bank of Commerce, State Bank of Hyderabad, Vijaya Bank and IDFC are lending INR9.6 billion for the INR17.6 billion project. The new international airport is scheduled for completion by Mar-08.

Meanwhile, HIAL awarded (17-Aug-05) the following construction contracts.

• Passenger terminal: Larsen & Toubro (L&T);
• Runway, taxiway and cargo terminal building: Hong Kong-based, China State Construction Engineering Ltd (CSCEHK). CSCEHK is a wholly-owned subsidiary of China State Construction International Holdings Ltd;
• Ground handling facilities, aprons and airside/landside works: unnamed Indian construction company.

L&T and CSCEHK are expected to complete the project within 30 months, including a three-month airport operational trial period. HIAL is owned by GMR Group (63%) Malaysia Airports Holdings Berhad (11%), State Government of Andhra Pradesh (13%) and the Airports Authority of India (13%).