GMR has secured a Rs 4,000 crore loan from India Infrastructure Finance Company (IIFCL), which leads in fund mobilisation for the home-grown Group. The funds will be utilised to construct a greenfield international airport at Vizag, Andhra Pradesh.

The new airport is being built on the outskirts of Bhogapuram, spanning over 2,200 acres. Strategically located in the seaside commercial city, with a key port and a steel unit, the project is part of GMR's efforts to expand its aviation business. This airport is expected to be its fourth major airport in the country after Delhi, Hyderabad and Goa.

The IIFCL-led consortium is financing GMR's latest airport venture to be developed in three phases, of which, the first phase is set to accommodate six million passengers a year. Once completed, the airport is expected to play a vital role in the development of the state and boost tourism in the northern region.

GMR and France-based Groupe ADP, operating all three airports in Paris, have a joint venture for building and operating airports. IIFCL has sanctioned a 14-year loan, and other financiers like REC, PFC and public sector banks are likely to be part of the banking consortium.