Lenders to Mumbai International Airport (MIAL) are worried over the falling financial metrics of the airport and have asked its owner, the GVK group, to come out with a viable plan to repay their dues once the RBI moratorium ends this month end. The banks’ ultimatum to GVK group came after rating agency CRISIL downgraded the debt instruments of MIAL on Wednesday because of low visibility in cash flows against debt servicing requirement.
CRISIL has downgraded Rs 9,782 crore of MIAL’s bank debt and Rs 2,000 crore of non-convertible debentures. What has worried the banks ...
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