GMR Infrastructure signed the concession agreement with Mactan Cebu International Airport of Philippines on 22 April 2014. The agreement is to develop and operate the Mactan International Airport.
GMR along with Megawide - a Philippines based construction - firm won the international bid to develop and operate the Mactan Cebu International Airport (MCIA).
The project is estimated to cost about 700 million dollars. As a part of agreement GMR made an upfront premium of 320 million dollars (14.4 billion Philippines Pesos).
GMR and Megawide emerged as the highest bidder in the international bidding process held in December 2013 for this project. The Department of Transportation and Communications (DOTC) of Philippine had formally issued the Letter of Award to the GMR consortium on 4 April 2014.
• GMR Infrastructure Limited is a Bangalore based infrastructure holding company which looks up the capital requirements of various infrastructure projects.
• GMR currently operates two airports at Delhi and Hyderabad. Recently the company exited from the Istanbul airport selling stake of 40 percent for 225 million Euros to Malaysia Airport Holdings Berhad.
When: 22 April 2014