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GMR Infrastructure’s arm inks pact for development, operations of Bhogapuram Airport

13 Jun 2020 Evaluate

GMR Infrastructure’s step down subsidiary -- GMR Visakhapatnam International Airport (GVIAL) has signed the Concession Agreement for the development and operations of Greenfield international airport at Bhogapuram in Andhra Pradesh with the Government of Andhra Pradesh. In April 2020, GMR Airports (GAL) had received the Letter of Award for implementation of project on a PPP basis.

The project involves design, build, finance, construction, development, operation and maintenance of Greenfield International Airport at Bhogapuram for the period of 40 years, extendable by additional 20 years through international competitive bidding process, with GMR airports limited having RoFR of 10%.

The proposed greenfield airport site lies on the border of Visakhapatnam and Vizianagaram districts, and is approximately 45 kms from Visakhapatnam through NH-5 and 25 kms from Vizianagaram via NH-43. The site is strategically located on the east coast and is stands to get benefit from the vast catchment area surrounding the region. Moreover, the beach corridor development is underway in proximity to the proposed International Airport in Bhogapuram which will provide impetus to retail and hospitality developments in the region.

GMR Infrastructure is engaged in generation of power, mining and exploration activities, development of highways, infrastructure development, such as development and maintenance of airports and special economic zone; construction business, including engineering, procurement and construction (EPC) contracting activities and operation of airports and special economic zones.

GMR Airports Share Price

111.85 -1.45 (-1.28%)
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