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ISSN: 2045-0621

Online from: 2011

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Financial closure of Bengaluru International Airport Limited


Document Information:
Title:Financial closure of Bengaluru International Airport Limited
Author(s):Thillai Rajan (Associate Professor in the Department of Management Studies, Indian Institute of Technology Madras, Chennai, India), Josephine Gemson (PhD Research Scholar in the Department of Management Studies, Indian Institute of Technology Madras, Chennai, India)
Citation:Thillai Rajan, Josephine Gemson, "Financial closure of Bengaluru International Airport Limited", Emerald Emerald Emerging Markets Case Studies, (2011)
Keywords:Airports, Finance, Financial closure, Infrastructure
Article type:Case study
DOI:10.1108/20450621111187353 (Permanent URL)
Publisher:Emerald Group Publishing Limited
Acknowledgements:Disclaimer. This case is written solely for educational purposes and is not intended to represent successful or unsuccessful managerial decision making. The author/s may have disguised names; financial and other recognizable information to protect confidentiality.
Abstract:

Title – Financial closure of Bengaluru International Airport Limited.

Subject area – Infrastructure finance.

Study level/applicability – II MBA/Executive MBA (Project Finance, Infrastructure Finance).

Case overview – It is generally believed that the economy of India is on the threshold of achieving significant growth in the coming years. The availability of adequate infrastructure facility will play a key role in realizing this growth potential. To accelerate the process of creating infrastructure capacity, the Government of India has opened up many infrastructure sectors for private sector investment. Creation of international standard airport facilities is an important component of such new infrastructure creation.This case study presents the initial development and financing closure of Bengaluru International Airport Limited (BIAL), the first major private sector airport in India. In retrospect, it is generally felt that BIAL was an important milestone in the privatization of airports in India. The blueprint for the greenfield PPP airport in Hyderabad was closely modelled on the BIAL project. The experience gained in the development of BIAL also played a major role in subsequent brownfield PPP airport expansion projects in Mumbai and Delhi.

Expected learning outcomes – The goal of this case study is to illustrate the complexities that exist in the process of infrastructure development and financing. This following are the expected learning outcomes: The importance of using an appropriate project structure. The prevalence of early returns to project sponsors as compared to lenders.The process of achieving financial closure. Analyzing project risks and returns.

Supplementary materials – Teaching notes.


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