Bengal Aerotropolis Projects Limited (BAPL), which is setting up the Airport City Project, has received 1,820 acres from West Bengal government for the 10,000 Crore project. The state government has also put a rider in the agreement. If BAPL fails to maintain the stipulated timeline, then it can ask the company to return the land as per a report in the ET.
In the first phase, BAPL is required to set up the airport and related infrastructure. The total capital outlay for the airport is 600 crore. BAPL has also initiated talks with four airlines-Kingfisher, Air India, Indigo and Jet Airways-for route development for the proposed airport which is coming up in the industrial belt of Asansol-Durgapur region.
The financial closure for the first phase has been achieved. A consortium of four banks, which includes Punjab National Bank , Dena Bank , Union Bank and Yes Bank , have put in 330 crore as debt towards the project. The promoters have put in 170 crore as equity and the rest 100 crore has come from internal accruals. Singapore's Changi Airport enjoys a 26% stake in BAPL.
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