It said that GMR Male International Airport Private Limited (GMIAL), a subsidiary of GIL, has achieved financial closure for the project to modernise, expand and operate the Male International Airport.
On June 24, the consortium, led by GIL and MAHB, had won the concession for the Male airport for 25 years.
GMIAL is the special purpose vehicle formed in the Maldives, pursuant to the concession, in which GIL has 77% stake and MAHB the remaining 23%.
MAHB said the total cost of the modernisation and expansion project, estimated at US$511 million, was funded through a combination of debt and equity in the ratio of 70:30.
The debt component of US$358 million has been tied up with Axis Bank Ltd, Singapore branch, which is acting as the sole underwriter and mandated lead arranger for the entire debt facility, it explained.
The debt has a tenure of 12 years with ballooning repayment over seven years commencing June 2015.
Axis Bank is also acting as security trustee and facility agent while the State Bank of India, Maldives branch, is acting as account bank for the debt facility, it said.
Male international airport is the gateway to the idyllic and enchanting Maldives and is one of the fastest growing airports in the region.
MAHB said that with Male, the GMR group, in partnership with MAHB, has four operational airports, the others being Delhi, Hyderabad and Istanbul.