GMR Infra shares gained 9%, arm wins North Goa’s greenfield Mopa airport

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GMR-Infra-wins Goa airport bid

Posted By: indianews August 29, 2016

GMR Airports, a subsidiary of GMR Infrastructure has won the international competitive bid for development and operation of Mopa Greenfield Airport in North Goa. As a result GMR Infrastructure shares surged over 9 per cent on Monday.

GMR Airports was selected to create and operate the new INR30 billion (US$446 million) Mopa Airport on a greenfield site in the state, following a competitive bidding process. It won the bid ahead of Airports Authority of India and a consortium involving South Korean’s Incheon airport group.

GMR Infrastructure stocks were trading were 2.67 per cent up at Rs 13.44. The scrip opened at Rs 14.20 and touched a high and low of Rs 14.30 and Rs 13.40, respectively, in trade so far. Sensex was trading 66.97 points down at 27,715.28.

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. Srinivas Bommidala, Chairman Airports, GMR Group said, “We take this opportunity to reiterate our commitment to contributing to infrastructure development of India and assure the central and state governments that we will deliver an airport worthy of the state of Goa well within the project timelines.”
GMR airport also runs Delhi and Hyderabad airports.

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