The Adani Group has invested close to $1 billion in Navi Mumbai International Airport Ltd, in a bid to start operations by December next year, two people with direct knowledge of the development said.
Of the ₹8,625 crore (approximately $991 million) invested in the Navi Mumbai airport so far, Adani has made an equity infusion of ₹1,710 crore. It has also raised ₹2,900 crore in term loans from a consortium of banks, while an additional ₹3,655 crore equity came from the City and Industrial Development Corporation of Maharashtra Ltd (Cidco), a city planning agency in Maharashtra, these people said. Adani and Cidco will invest an additional ₹1,511 crore as the project moves ahead.
"The due diligence by the banks has been recently completed, which was followed by the investment," said one of the two people.
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