GVK Group in talks to refinance up to Rs 14 billion debt of its airports arm

According to reports, the GVK Group is in talks with JM Financial Limited to refinance up to Rs 14 billion debt of GVK Airport Holdings Private Limited through a structured credit transaction. The debt was taken by GVK from HDFC Bank and YES Bank to develop the Mumbai international airport. GVK had initially planned to list its airports business, but shelved the plan because of unfavourable market conditions. The company had also tried to refinance existing loans of $1 billion through dollar bonds, but market volatility and a tepid response from foreign investors forced it to look at other options.