Federal Bank sanctions Rs 500-cr term loan to CIAL

Kochi: Federal Bank has sanctioned a term loan of Rs 500 crore to Cochin International Airport Ltd (CIAL) for the construction of the new International terminal.

The private lender has been partnering the growth of Cochin international Airport from its inception, a press release here said.

The New International Terminal, coming up next to the existing airport complex, would enhance the traffic handling capacity of the airport to meet its future requirements.

The agreement for the Rs 500 Crore Term Loan facility was signed by V J Kurian, Managing Director of CIAL, and Shyam Srinivasan, MD & CEO of Federal Bank, in the presence of senior executives of CIAL and Federal Bank, at a ceremony held at the airport Friday.