New Delhi [India], January 30: SP-PLUS AG, a Switzerland-based investment and development firm, and FLY Bharathi Global Investment LLC, a Dubai-headquartered aviation investment company, announced today the formation of a groundbreaking joint venture to finance and develop the Ujjain Airport project in India. The partnership will leverage an innovative gold-backed digital bond mechanism—secured by 2,500 kilograms of physical gold with an approximate value of USD 322 million—to raise EUR 250 million in capital over a four-year development cycle.
The “Gold Coin Digital” bond, to be listed on Bloomberg with a dedicated ISIN number, represents a pioneering approach to infrastructure financing in South Asia. This structured financing model combines traditional asset-backed securities with cutting-edge digital capital markets infrastructure, enabling efficient and transparent fund deployment for airport modernization and maintenance, repair, and overhaul (MRO) operations.
THE PARTNERSHIP & PARTIES
Under the Joint Venture Agreement signed December 30, 2025, SP-PLUS AG will provide 2,500 kg of physical gold as collateral, documented through an official Safe Keeping Report (SKR). FLY Bharathi Global Investment LLC will oversee project management, strategic implementation, and local stakeholder coordination in India. The partnership is represented by Roberto Spano (SP-PLUS AG) and Girish Shivashankar Pillai (FLY Bharathi Global Investment LLC).
PROJECT SCOPE & IMPACT
Together with Fly Bharathi, SP-PLUS AG will undertake development and Operations of mid-size airports along with complementing aviation opportunities like MRO, FTO, Skill Development, adventure sports etc through comprehensive infrastructure development and infusing relevant expertise. SP-PLUS AG along with Fly Bharti nurtures the vision to be major player in the Indian Aviation market by providing adequate, relevant, cost effective and sustainable aviation infrastructure for Tier 2 and Tier 3 cities.
In the 1st phase, the consortium intents to undertake 3-4 airport projects with an overall investment of EUR 250 million for upgradation/construction of modern/ passenger friendly terminal building, state of art airside infrastructure and ancillary supporting aviation eco-system-generating significant employment opportunities and strengthening regional economic connectivity.
Project Timeline:
- Capital will become available within 8–12 weeks following completion of preliminary structuring
- Expected availability: February–March 2026
- Four-year project term with structured profit-sharing mechanisms
- On-site coordination meetings planned in Switzerland and India with local government officials
INNOVATIVE FINANCING MECHANISM
The gold-backed digital bond model offers distinct advantages: transparent asset backing, digital market accessibility, and alignment with sustainable investment principles. By converting physical gold reserves into a listed digital security, the structure provides institutional and retail investors with direct exposure to India’s aviation infrastructure growth while ensuring capital efficiency and lower financing costs compared to traditional lending approaches.
Leader’s speak –
Roberto Spano, Representative, SP-PLUS AG:
“This joint venture exemplifies how innovative financing can unlock transformative infrastructure projects. Our gold-backed digital bond bridges global capital markets with India’s development priorities, creating a transparent, efficient pathway to modernize critical aviation assets. We’re proud to partner with FLY Bharathi to bring this vision to life.”
Girish Shivashankar Pillai, Representative, FLY Bharathi Global Investment LLC:
“Fly Bharathi stands committed to support the vision of Government of India to have strong regional aviation growth and economic development. By combining SP-PLUS AG’s financial expertise with our local market knowledge and stakeholder relationships, we’re positioned to deliver world-class airport infrastructure while generating sustainable returns. This project exemplifies the future of infrastructure financing in India.”
ABOUT THE COMPANIES
SP-PLUS AG is a Chur, Switzerland-based investment and development company specializing in structured financing solutions and international infrastructure projects. The firm combines deep capital markets expertise with innovative asset-backed securitization techniques to fund transformative development initiatives.
FLY Bharathi Global Investment LLC is a Dubai-based aviation and infrastructure investment firm focused on aviation connectivity, airport modernization, and MRO capabilities across South Asia. The company brings regional expertise, government relationships, and project implementation excellence to complex infrastructure ventures.
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