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GMR consortium gets $525 mn loan for Philippines airport

Dec 22, 2014    

GMR Megawide Cebu Airport Corporation (GMCAC), a joint venture of GMR group and Manila-based Megawide Construction, has tied up the finances to the tune of nearly $525 million for Mactan Cebu International Airport contract in Philippines, the company said today."The financing will fund 70 percent of the total project cost of PHP 33 billion ($750 million). The loan is arranged by a consortium of six banks," GMR said.Total equity contribution of GMR to GMCAC will be approximately $90 million, out of which the Indian partner has already invested $48 million and does not envisage any fur...

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