The company is tapping a mix of banks, NBFCs, and mutual funds at a blended cost of around 10.5%, potentially lowering its average borrowing cost by nearly 300 basis points. Tata Capital is expected to contribute ₹1,000 crore, while JP Morgan, Deutsche Bank, and Barclays are likely to bring in ₹1,000 crore, ₹1,500 crore, and ₹1,000 crore, respectively. Mutual funds may provide the remaining ₹1,200 crore.
Spokespersons of DB and Barclays declined to comment while GMR, Tata Capital and JP Morgan did not respond to requests for comment.
The fundraise follows a corporate restructuring that moved a portion of GAL’s debt to the operating company level, leading to cheaper sources of capital. GAL recently refinanced ₹2,500 crore of DIAL debt, cutting the interest rate from 12% to 9.5%.
GAL, co-promoted by Groupe ADP, owns and operates major Indian airports including Delhi (DIAL) and Hyderabad (GHIAL), which saw passenger traffic rise 7.8% and 15.9% year-on-year in the first ten months of FY25, according to Care Ratings.
