GMR Male’ International Airport Pvt. Ltd.
GMR Male’ International Airport Pvt. Ltd. is a joint venture company promoted by GMR Infrastructure Limited (GIL) along with its sole consortium partner Malaysia Airports Holdings Berhad (MAHB). On June 24th 2010, the consortium won concession for the Malé International Airport (later renamed as Ibrahim Nasir International Airport ) for a period of 25 years. Ibrahim Nasir International Airport INIA is the special purpose vehicle formed in Maldives pursuant to the concession in which the stake of GIL and MAHB is 77% and 23% respectively.
Ibrahim Nasir International Airport is the gateway to the idyllic and enchanting Maldives and is one of the fastest growing airports in the region. Situated on Hulhulé Island in the politically stable archipelago of Maldives at the South Western tip of India, INIA is the largest airport in Maldives located in the Malé Atoll.
At an official ceremony held on 25th Novemer 2010 at Hulhulé Island, the aerodrome license was handed over by Chairman of Maldives Airports Company Limited Mr Ibrahim Saleem to Mr Kiran Kumar Grandhi, Business Chairman, Airports, GMR Group. The ceremony graced by HE. Mahamod Nasheed HE President of the Republic of Maldives and his cabinet ministers was well received. From November 25, 2010, GMR and MAHB are operating the Ibrahim Nasir International Airport, 4 months ahead of schedule.
The total cost of the modernization and expansion project, estimated at USD 511 million, is being funded through a combination of debt and equity in the ratio of 70:30. The debt component of USD 358 million has been tied up with Axis Bank Ltd., Singapore Branch, who is acting as the Sole Underwriter and Mandated Lead Arranger for the entire debt facility. The debt has a door to door tenure of 12 years with ballooning repayment over 7 years commencing from June 2015. Axis Bank is also acting as Security Trustee and Facility Agent whereas State Bank of India, Maldives Branch is acting as Account Bank for the debt facility.
INIA consortium would upgrade, maintain and operate existing Airport as well as build a new terminal by 2014. The current traffic at the Ibrahim Nasir International Airport is at 2.6 Million passengers per annum (Mppa). The first stage of the project will include increasing the traffic at the Airport to 3 Mppa by way of constructing a new terminal and thereby increasing the traffic to 5 Mppa.