For Mactan-Cebu airport GMR-Megawide consortium inks concession pact
The GMR-Megawide Consortium paid Philippine pesos 14.4 billion (approximately $320 million) as upfront premium for award of the concession of the Mactan Cebu International Airport to the Mactan Cebu International Airport Authority, the Philippines.
With this, demonstrating its commitment towards the project the GMR-Megawide consortium has fulfilled its first major obligation well within the stipulated time. The Department of Transportation and Communications (DOTC), Philippines and Mactan Cebu International Airport Authority (MCIAA) today signed the agreement with GMR Megawide Consortium.
The handing over of the operations of Mactan Cebu International Airport formally to GMR-Megawide later in the year will mark the beginning of a transition phase.
After submitting a bid of P14.4 billion in the international bidding process which culminated in December 2013, GMR-Megawide Consortiumn emerged the highest bidder for the airport project. On April 4 the consortium secured the Letter of Award.
G.M. Rao, Group Chairman, GMR Group, in a statement said: “We have demonstrated our credentials and capabilities to take up this prestigious project by making the upfront payment within the stipulated time. Transforming the Mactan Cebu International Airport into a world-class airport destination is just the first step in our endeavour.”
GMR had bid with Megawide Construction Corporation, one of Philippine’s leading construction firms listed on the Philippine Stock Exchange since 2011, for the Mactan-Cebu airport project.
GMR operates India’s busiest airport, the Indira Gandhi International Airport, New Delhi, where it has built a new integrated terminal T3, apart from a broad portfolio of power and road projects. Serving as a gateway to south and central India, it has also developed and commissioned the Greenfield international airport at Hyderabad.
It has been part of a consortium that has upgraded and is operating the Istanbul Sabiha Gökçen International Airport.
Source: Hindu Business Line
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