Fairfax-owned Bangalore International Airport (BIAL) is raising Rs 10,200 crore of expansion funds through a syndicated loan facility. The airport operator has availed the loans from the State Bank of India and Axis Bank.

BIAL is now developing new infrastructure that will include new terminal, second runway, new multi-modal transport hub, and more roads and ancillary utilities.

The finalised project cost for this expansion is Rs 13,300 crore, which has been financed by a term loan of Rs 10,200 crore from the State Bank of India and Axis Bank.

The loans will mature in 15 years and interest rates are linked to the respective MCLR of the lenders. BIAL’s new terminal should be ready in 2021 and its second runway is expected to be operational by October 2019.

Fairfax own 54 percent stake and Siemens owns 0.36 percent stake, and Projects Ventures own 20 percent. The government owns the rest.