GMR Airports Limited (GAL), a subsidiary of listed company GMR Infrastructure Ltd. said on Saturday that it has won a project to construct a new airport in Goa.
Other firms who bid for the North Goa airport project included the Airports Authority of India, Essel-Incheon, GVK, and Hiranandani-Vinci, GMR Infrastructure Ltd. said in a regulatory filing to the Bombay Stock Exchange (BSE).
The airport will be built on the build, operate and transfer (BOT) model for a period of 40 years, extendable by 20 years.
The agreement gives GMR Airports 232 acres of land for commercial city side development for 60 years.
The project reinforces the firm's credentials in the airport construction space, according to Srinivas Bommidala, Chairman Airports, GMR Group. The Group operates two airports in India, at Delhi and Hyderabad, in addition to the Mactan Cebu International Airport, Philippines.
Delhi International Airport (P) Limited ( DIAL) is a joint venture in which the GMR Group has 54 percent stake, Airports Authority of India 26 percent and Fraport AG & Eraman Malaysia have 10 percent each.
In the Hyderabad airport venture, the GMR Group holds 63 percent stake, with the rest held by the Telangana government, Indian government and Malaysia Airports Holdings Berhad.
Besides aviation, the company is also into energy, transportation and urban infrastructure sectors.
GMR shares closed at Rs. 13.09 on the BSE on Friday.