GMR Infrastructure to develop & operate Bhogapuram Airport

GMR Infrastructure has informed the bourses that its subsidiary GMR Airports Limited (GAL) has received a letter of award (LoA) for the development and operations of Greenfield International Airport at Bhogapuram from Government of Andhra Pradesh.

In February 2019, GAL had emerged as the highest bidder for the project on a PPP basis. The initial capacity (phase-1) of the airport is to be six million passengers per annum.

The project involves the design, build, finance, construction, development, up-gradation, modernisation, operation and maintenance of Greenfield International Airport at Bhogapuram for the period of 40 years, extendable by additional 20 years through an international competitive bidding process, with GMR Airports Ltd, having right of first refusal (RoFR) of 10 per cent.

GMR Infrastructure Ltd is an infrastructure conglomerate with interests in airport, energy, transportation and urban infrastructure.

The stock of GMR Infrastructure in today’s session was trading in a negative terrain. The stock which opened at a positive bias of Rs 17 is now down by nearly 1.5 per cent and trading at Rs 16.90.