GMR Infra: Arm emerges as highest bidder for Andhra airport
GMR Airports, a subsidiary of GMR infra, has emerged as the highest bidder for an airport in Andhra Pradesh. The initial investment for phase - 1 to be approximately Rs. 2,300 crore.
GMR Airports bid for the construction of an airport in Bhogapuram in Andhra Pradesh. GAL emerged as successful bidder to develop, operate and manage the New International Airport at Bhogapuram. Initial capacity (Phase-1) of the airport to be six million passengers per annum. The initial investment for phase - 1 to be approximately Rs. 2,300 crore. The company informed about this development through a press release to the exchanges on Tuesday evening.
Andhra Pradesh Airports Development Corporation Limited (APADCL) had initiated the RFP process for a new airport at Bhogapuram in November 2018. The project involves design, build, finance, construction, development, up-gradation, modernization, operation and maintenance of the Bhogapuram airport for a period of 40 years. As part of the qualification process, APADCL had shortlisted seven applicants viz GMR Group, GVK, Dolt Infra, I-Investment, NIIF, Essel and Reliance Infra. However, only GMR Group, GVK and Dolt Infra submitted their financial bids.
GMR Infrastructure is a conglomerate with interest in airports, energy transportation and urban infrastructure. The company's airport portfolio includes Indira Gandhi International Airport, Delhi and Hyderabad’s Rajiv Gandhi International Airport. Recently, the GMR-Megawide consortium has won the Clark International Airport's EPC project, it's the company's second project in the Philippines.
The stock closed trading session at Rs. 16.20 per share on BSE.