India needs to spend more than $170 bln to fund aviation expansion through 2030, S&P Global Ratings says
Oct 15 (Reuters) -India's aviation sector will need to pump in more than $170 billion through 2030 to finance record aircraft orders and boost airport capacity amid an ongoing traffic boom, S&P Global Ratings said in a report.
India is one of the world's fastest-growing aviation markets and domestic passenger traffic is expected to double to 300 million by 2030, according to government data. Traffic on overseas flights could more than double by then, estimates by aviation research group CAPA India show.
Airlines in the world's most populous country have placed record orders with Airbus AIR.PA and Boeing BA.N, and authorities aim to double the number of airports by 2030 in a bid to build global aviation hubs to rival Singapore, Dubai and Doha.
S&P Global Ratings expects Indian carriers will spend $150 billion to finance outstanding orders of 1,700 aircraft, while $24 billion will be needed to build new airports and expand existing ones.
"The timing is right to support higher borrowing. Rising passenger air traffic, relatively cheaper domestic financing rates, and conducive government policies on foreign ownership should boost funding prospects for the sector," S&P Global analysts said.
While borrowings for airlines and airports would rise, an increased reliance on aircraft lessors and domestic banks could help ease the burden, the analysts said.
Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala
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