The Adani Group-controlled Mumbai International Airport Ltd (MIAL) has pledged a 51% stake in the upcoming Navi Mumbai International Airport (NMIAL) to the State Bank of India (SBI), a recent media report said.

This move is linked to a substantial loan facility amounting to Rs 12,770 crore sanctioned by the SBI for the greenfield airport project, according to a report by the Financial Express

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Notably, the MIAL holds a 74% stake in NMIAL, and is overseeing the development of the Navi Mumbai airport, which is expected to commence operations in the last quarter of the financial year 2024-25 (FY25), slightly delayed by three months from its initially planned opening.

The Navi Mumbai Airport is projected to handle a substantial volume of 90 million passengers and 2.6 million tonnes of cargo annually by FY32.

The first phase of the airport will introduce a capacity of 20 million passengers, with the airport eventually featuring four passenger terminals and two parallel runways.

Adani Group announced the financial closure for the NMIAL project in March 2022, following SBI’s commitment to underwriting the entire debt requirement of Rs 12,770 crore.

Earlier, the NMIAL had secured a financing arrangement worth Rs 8,645 crore with Yes Bank, intended to cover part of the costs associated with the design, development, and construction of Phase I of the airport.

However, this arrangement was unilaterally cancelled by Yes Bank, leading to a revised financing plan with SBI.

Adani Airport Holdings Ltd (AAHL) manages MIAL and controls 23% of India’s air traffic.

It has recently sought shareholder approval to raise its borrowing limit from Rs 20,000 crore to Rs 30,000 crore.