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BIAL: Setting the template
01 July 2005
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[PPP]
[project financing]
[project finance]
[BOT]
[project finance]
The first public-private-partnership (PPP) greenfield airport financing in India has closed. The Rs14.12 billion ($325 million) Bangalore Airport deal features Rs7.36 billion in locally denominated debt, Rs3.26 billion of equity and an interest free subordinated loan from Karnataka state.
The private sector has a majority, 74% stake in the airport's project company, Bangalore International Airport Ltd (BIAL), which is charged with designing, constructing, operating, maintaining and financing the asset.
Siemens Project Ventures (40%), Unique (Flughafen Zürich) (17%) and Larsen & Toubro (17%) are the private-sector sponsors in BIAL. Karnataka state and the Airports Authority of India each have a 13% stake.
ICICI is arranger and currently the sole provider of the Rs7.36 billion 12-year commercial loan that funds 50% of the deal. However, indications are that the bank intends to syndicate part of the debt in the coming months.
A further commercial loan of approximately...
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