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The Airports Authority of India will have a 26 per cent equity participation in the Kannur international airport promoted by the Kerala Government.
G. Chandramouli, Managing Director of the Kannur International Airport Limited, told Business Line that the AAI’s board of directors had approved of the investment.
He said a private bank had agreed to lend around Rs 200 crore to the project at a ‘highly competitive rate.’ The project could now achieve financial closure in three months, he said.
The Rs 1,800-crore Kannur airport, the fourth international airport in Kerala, would be functional in 2016. The work has already started at Mattannur, 25 km from Kannur. Coorg and Mysore in Karnataka and Kannur and Kozhikode districts in Kerala will be among the catchment areas of the airport.
The Kerala Government is providing 1,200 acres of land, of the 2,000 acres required for the project. Of this, 800 acres will form part of the Government’s equity stake in KIAL. Central and State public-sector companies are expected to have 23 per cent equity participation.
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