GMR Infra boards a flight, wins airport order

Major player in the Infrastructure segment, GMR Infrastructure has managed to attract attention once again. Well known for building Indira Gandhi International Airport (New Delhi), which is presently ranked as World’s No.1 airport in its passenger category; as well as Hyderabad airport which has been consistently ranked among World’s top three airports in its category over the last 7 years is all set to take up another project.

Company on Aug 27 has informed bourses that GMR Airports Limited (GAL), a subsidiary of GMR Infrastructure Limited, has won the international competitive bid for development and operation of Mopa Greenfield Airport in North Goa. The concession period for the Greenfield project will be 40 years with a possible extension of another 20 years through a bid process. The airport will be built under the BOT (Build Operate Transfer) model. Company won the bid through a closely contested competitive bid process, with Airports Authority emerging as the second highest bidder, followed by the consortium of Essel Infra-Incheon emerging third in line. The letter of award is expected to be issued within 60 days, while signing of concession agreement will be done within 45 days from the date of issuance of award letter.

On the other hand, scrip of the company on Aug 29, could react sharp. On Aug 26, scrip of the company closed at Rs 13.09, down by 1.13 per cent.Apart from Infrastructure, the group is also operational in energy and transportation. It has fifteen power generation projects of which ten are operational and five are under development.