BackNIIF to invest ₹631 cr for stake in GMR-led new Goa airport
NIIFL is a government-led collaborative investment platform for international and Indian investors, managing over $4.3 billion of equity capital commitments across its three funds: Master Fund, Fund of Funds, and Strategic Opportunities Fund
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The National Investment and Infrastructure Fund (NIIF) on Wednesday said it will buy a stake in the upcoming new airport in Goa for ₹631 crore through compulsorily convertible debentures.
This is NIIF’s first direct investment in Goa, and its first investment in an Indian airport. GMR Goa International Airport Ltd (GGIAL) is building the new airport at Mopa in Goa. It is promoted by GMR Airports Ltd, a joint venture between the GMR group and the France’s Groupe ADP. It has developed airports in over nine countries and currently operates five.
GMR Airports and NIIF have entered into a financial partnership to invest in the equity capital of three airport projects, including the new international airports in Mopa, Goa and Bhogapuram, Andhra Pradesh.
GGIAL was awarded the project to develop and operate a second airport in Goa in 2016 on a design-build-finance-operate-and-transfer (DBFOT) basis.
In the first phase, the Mopa International Airport will have a capacity to handle up to 4.4 million passengers per annum, with an ultimate capacity of up to 40 million passengers per annum, according to a statement.
“NIIFL’s Master Fund is India’s largest infrastructure fund and has built a robust and well-diversified portfolio across ports and logistics, renewables, smart meters, roads and digital infrastructure. NIIF’s investment in Mopa airport shall be the Master Fund’s sixth investment…In line with the fund strategy, this investment complements the existing portfolio and is the first step for NIIF to expand its presence in the airport sector," said Vinod Giri, managing partner – Master Fund, NIIF.
NIIF is a government-led collaborative investment platform for international and Indian investors, managing over $4.3 billion of equity capital commitments across its three funds: Master Fund, Fund of Funds, and Strategic Opportunities Fund.
Last month, NIIF signed an agreement with Japan Bank for International Cooperation (JBIC) to promote Japanese investments in India. The partnership aims to invest $500 million to $700 million in a new bilateral India-Japan Fund (IJF), which will make equity investments in environmental preservation and low carbon emission strategies.
NIIF has backed several sustainable and climate-tech companies, including Ayana Renewable Power, IntelliSmart Infrastructure, Ather Energy and the Green Growth Equity Fund.
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