{"id":40351,"date":"2023-07-30T19:31:59","date_gmt":"2023-07-30T14:01:59","guid":{"rendered":"https:\/\/aviationa2z.com\/?p=40351"},"modified":"2023-08-06T21:32:03","modified_gmt":"2023-08-06T16:02:03","slug":"delhi-airport-90-million-usd-funds-to-recapitalize-debt","status":"publish","type":"post","link":"https:\/\/aviationa2z.com\/index.php\/2023\/07\/30\/delhi-airport-90-million-usd-funds-to-recapitalize-debt\/","title":{"rendered":"Delhi Airport Prepares for New 90 Million USD in Funds to Recapitalize Debt"},"content":{"rendered":"\n

DELHI-<\/strong> India’s busiest airport, Delhi International Airport Limited (DIAL)<\/a>, 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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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Photo: File: Sculpture of hasta mudras at Indira Gandhi International Airport.jpg – Wikimedia Commons<\/figcaption><\/figure>\n\n\n\n

Delhi Airport Plans to Raise Fresh Funds<\/h2>\n\n\n\n

DIAL is a joint venture company with major stakeholders being GMR Group’s<\/a> GMR Airports Limited (64%), Airports Authority of India (AAI) (26%), and Fraport AG Frankfurt Airport Services Worldwide (10%).<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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<\/a><\/em>.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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Photo: PTI<\/figcaption><\/figure>\n\n\n\n

India’s only Four Runways Airport<\/h2>\n\n\n\n

In a significant development, Civil Aviation Minister Jyotiraditya Scindia inaugurated the dual elevated Eastern Cross Taxiways (ECT)<\/a> 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.<\/p>\n\n\n\n

The newly inaugurated Eastern Cross Taxiways, spanning 2.1 kilometers, aim to reduce passenger tarmac time post-landing and pre-takeoff.<\/p>\n\n\n\n

Notably, this airport becomes the first in the country to feature an elevated taxiway with roads passing beneath it.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

This advanced infrastructure can accommodate wide-body aircraft, including A380, Boeing 777, and Boeing 747 models.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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Photo: Encalm<\/figcaption><\/figure>\n\n\n\n

Largest New Lounge Facility in Asia<\/h2>\n\n\n\n

 Lounge<\/a> users at Delhi Airport\u2019s (DEL)<\/a> Terminal 3 (T3) can now bid farewell to harrowing experiences as the airport authorities have unveiled a new business class lounge, \u201cEncalm Priv\u00e9,\u201d to address the long-standing issues of overcrowding and seat shortages.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Furthermore, credit card <\/a>users can also access a separate lounge facility at the food court level of T3 International after the security hold area.<\/p>\n\n\n\n

Stay tuned with us. Further, follow us on social media for the latest updates.<\/p>\n\n\n\n

Join us on Telegram Group <\/a>for the Latest Aviation Updates. Subsequently, follow us on Google News<\/a>.<\/p>\n\n\n\n

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Karnataka Minister Contemplates Operation and Maintenance of New Airports<\/a><\/blockquote>