DELHI- India’s busiest airport, Delhi International Airport Limited (DIAL), intends to raise up to 91 million USD or Rs 750 crore through long-maturity debentures at lower interest rates to refinance its old debt.
This decision follows the recent upgrade of DIAL’s long-term issuer rating by global rating agency Standard & Poor’s (S&P) from “B” to “B+.” Further, the upgrade is driven by the airport’s improved traffic and profitability.
Delhi Airport Plans to Raise Fresh Funds
DIAL is a joint venture company with major stakeholders being GMR Group’s GMR Airports Limited (64%), Airports Authority of India (AAI) (26%), and Fraport AG Frankfurt Airport Services Worldwide (10%).
It has been assigned an “A+” rating by India Ratings (Ind-Ra) for its proposed non-convertible debentures (NCDs). Further, the existing ratings have also been affirmed with a positive outlook.
As part of its refinancing plan, DIAL aims to partially refinance the debentures due in October 2025 through the issuance of fresh NCDs, reports Business Standard.
These new NCDs will have a bullet payment at the end of seven years, which means a lump sum payment will be made for the entire outstanding loan amount upon maturity.
Ind-Ra expects that this proposed refinancing will result in reduced interest costs and repayments in the near term, leading to improved liquidity for DIAL.
India’s only Four Runways Airport
In a significant development, Civil Aviation Minister Jyotiraditya Scindia inaugurated the dual elevated Eastern Cross Taxiways (ECT) and the fourth runway at the Delhi airport on July 14. Further, the Indira Gandhi International Airport (IGIA) handles over 1,500 aircraft movements daily.
The newly inaugurated Eastern Cross Taxiways, spanning 2.1 kilometers, aim to reduce passenger tarmac time post-landing and pre-takeoff.
Notably, this airport becomes the first in the country to feature an elevated taxiway with roads passing beneath it.
The ECT effectively connects the northern and southern airfields on the eastern side of the airport. Significantly shortening the taxiing distance for aircraft by seven kilometers.
This advanced infrastructure can accommodate wide-body aircraft, including A380, Boeing 777, and Boeing 747 models.
With the addition of the fourth runway, the Delhi airport now boasts four operational runways: RW 09/27, RW 11R/29L, RW 10/28, and RW 11L/29R.
Largest New Lounge Facility in Asia
Lounge users at Delhi Airport’s (DEL) Terminal 3 (T3) can now bid farewell to harrowing experiences as the airport authorities have unveiled a new business class lounge, “Encalm Privé,” to address the long-standing issues of overcrowding and seat shortages.
The lounge, currently covering an expansive 22,000 square feet, is set to grow even larger. Subsequently, reaching an impressive 30,000 square feet upon full operation.
This makes it the most extensive lounge facility in all of India. Further, it comes as a relief for business class and first-class travelers of partner airlines, who can now enjoy an exclusive experience.
Furthermore, credit card users can also access a separate lounge facility at the food court level of T3 International after the security hold area.
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