SP-PLUS AG, FLY Bharathi JV for Ujjain Airport
Analysis based on 7 articles · First reported Jan 30, 2026 · Last updated Jan 31, 2026
The formation of this joint venture and the innovative gold-backed digital bond mechanism are expected to positively impact the aviation and infrastructure sectors in India. It provides a new model for financing large-scale projects, potentially attracting more institutional and retail investors to India's development initiatives.
SP-PLUS AG, a Switzerland-based investment firm, and FLY Bharathi Global Investment LLC, a Dubai-headquartered aviation company, have formed a joint venture to finance and develop the India===Ujjain Airport project in India. This partnership will raise EUR 250 million in capital over a four-year development cycle through an innovative gold-backed digital bond, secured by 2,500 kilograms of physical Gold. The 'Gold Coin Digital' bond, to be listed on Bloomberg L.P., represents a pioneering approach to infrastructure financing in South Asia, combining traditional asset-backed securities with digital capital markets infrastructure. SP-PLUS AG will provide the gold collateral, while FLY Bharathi Global Investment LLC will manage project implementation and local coordination in India. The consortium aims to develop 3-4 airport projects in the first phase, focusing on modernizing infrastructure and creating employment opportunities in Tier 2 and Tier 3 cities, aligning with the Government of India's vision for regional aviation growth.
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