SAM, TT&A advisers in NIIF’s first airport asset investment

NIIF’s first airport asset investment

Shardul Amarchand Mangaldas advised GMR Airports Limited and GMR Goa International Airport Limited (GGIAL) on the National Investment and Infrastructure Fund (NIIF) investment in GGIAL.

NIIF subscribed to compulsory convertible debentures in GGIAL, which operates a greenfield international airport at Mopa in Goa, on a design, build finance, operate and transfer basis. The transaction is also NIIF’s first investment in an airport asset in the country and its first direct investment in the state of Goa.

Jatin Aneja, partner and national practice head of projects and infrastructure, led the SAM team with partner Kushal Sinha, principal associate Dhrupad Pant, and the assistance of associates Rishab Chaudhary, Tanusmita Ghosal and Shamik Gupta.

TT&A advised NIIF on the legal aspects of the deal. TT&A lawyers representing NIIF include joint managing partner Gautam Saha, partners Shivranjani Ralawata and Harshit Chandra, senior associate Utsav Agarwal, and associates Karn Taneja and Shambhavi Singh.

“The transaction was complex involving meticulous structuring of the inter se rights between GMR and NIIF under the aegis of the concession framework agreed for the development and operations of the Mopa airport with the government of Goa,” Aneja said.

“The investment is evidence of the strategic presence that Goa holds not only as a cultural and tourist destination, but also for rediscovering itself as an economic hub.”

Sinha said, “The deal signifies the immense potential and investment opportunities that upcoming greenfield airports hold for investors in the infrastructure sector in India.

“The airport sector in India is bound to exhibit huge upside in the coming years. We are confident that the airports and Indian infrastructure sector will keep attracting developers and investors and fortify India’s position as a sought-after investment destination on the global map.”