Mumbai, Mar 29 (IANS): Navi Mumbai International Airport Private Ltd (NMIAL), a subsidiary of Adani Enterprises Ltd (AEL), has achieved financial closure for the greenfield international airport project at Navi Mumbai with the execution of financing documents with the State Bank of India (SBI).

The SBI has underwritten the entire debt requirement of Rs 12,770 crore for the NMIA project.

"The Adani Group's focus is to create and provide best-in-class airport infrastructure and allied services to the consumer," said Jeet Adani, Director, NMIAL. "We aim to converge India's biggest cities with other surrounding cities and towns in a hub and spoke model. Given the central role airports will play in the future, we intend to develop an economic ecosystem that has airports and airport users at its core. With this facility from the SBI, we have moved a step closer to providing Mumbai with another landmark utility."

The achievement of financial closure signifies the commitment of the Adani Group to mobilise the required resources and complete, within the set timelines, the NMIA Project which was taken over pursuant to the acquisition of Mumbai International Airport Ltd (MIAL) by the Group through Adani Airport Holdings Ltd (AAHL) in July 2021, he said.

SBI Capital Markets Ltd acted as the financial advisor to the SBI and Saraf & Partners Law Offices acted as the lenders' legal counsel. Cyril Amarchand Mangaldas acted as the legal advisor to NMIAL.