GMR Infrastructure secures contract for Philippines airport
GMR Infrastructure has made an upfront 14.4 billion Philippine Pesos (about USD 320 million) payment in an agreement to develop and operate the Mactan Cebu International Airport in the Philippines. The company has won an international bid, together with Philippines based construction firm Megawide. The bid involves developing and operateing the Mactan Cebu International Airport (MCIA) on April 4. The project is estimated to cost about USD 700 million.
After the payment was received, the Department of Transportation and Communications (DOTC) and Mactan Cebu International Airport Authority signed the agreement with GMR Megawide Consortium.
The consortium emerged as the highest bidder in the international bidding process held in December 2013 for the project.
GMR currently operates two airports at Delhi and Hyderabad.
The company recently exited from the Istanbul airport by selling its entire 40 per cent stake for Euro 225 million (Rs 1,900 crore) to Malaysia Airport Holdings Berhad.
Source: The Economic Times
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