Sensex 28260.14 302.65 1.08%
Nifty 8586.25 95.25 1.12%
India's leading conglomerate and infrastructuredeveloper, GVK holds the unique distinction of managing and operating two of India's busiest airports, the Chhatrapati Shivaji International Airport (CSIA) in Mumbai and the Bengaluru International Airport in Bangalore.
Adding another feather to its cap, GVK has signed an operations and management contract with The Airports Authority of Indonesia, (Angkasa Pura Airports API), the Indonesian government airport operator to manage the non-aeronautical commercial operations at Indonesia's second busiest Bali (Denpasar) International Airport.
The scope includes both, the existing terminals and the new international terminal which is currently under construction and is expected to open in the third quarter of 2013 with a major make-over.
Over the years, Bali in Indonesia has emerged as a prime destination for tourist traffic from both Europe and Asia. However airport infrastructure and the revenue from non-aeronautical sources such as retail, F&B, duty free and other services has kept a slow pace with the exponential growth in passenger traffic. With immense tourism potential, the Government of Indonesia is focussed on developing and investing in new airport infrastructure across the country. Moreover, this prestigious project is expected to create a number of economic development opportunities in and around Bali and also foster greater development of this region.
Speaking on the occasion, Dr. GVK Reddy, Chairman, GVK Power & Infrastructure Ltd. said: "This development is a true testament to GVK's established track record in the operation and management of India's leading airports in Mumbai and Bangalore. We are happy to strengthen our relationship with Indonesian government further with this association and we are committed to bring our expertise and experience in transforming the Denpasar International Airport in Bali as well."
G V Sanjay Reddy, Vice Chairman GVK Power & Infrastructure Ltd. said, "Retail, F & B and duty free are significant components of passenger experience at any airport. We are very excited by the opportunity to provide passengers at the Denpasar Airport in Ball a truly world-class shopping experience, across brands, product variety and price points. This is also In line with our stated endeavour to take this airport to international standards and help Indonesia in realizing its growing potential as a key destination in the region. "
GVK is also developing an international greenfield airport in Yogyakarta in central Java in collaboration with the Government of Indonesia. This follows the MoU that GVK had signed in January 2011 with the Government of Indonesia. The MoU for the Yogyakarta airport is an agreement between Angkasa Pura Airports (Government of Indonesia owned Airport Operations and Management Company) and GVKPIL.
Back home, GVK has emerged as India's largest airport operator in the private sector. GVK's two airports in Mumbai and Bangalore together handled passenger traffic of about 44 million in the year 2011-12. With its capabilities, expertise and strong track record in the airports sector already well-established in India, GVK is slated to bring rapid improvements to operations and passenger services at Indonesian airports as well.
India Infoline Research Team / 15:28, Mar 13, 2015
Markets are now reinforcing the perception of an early interest rate hike by US Federal Reserve, with consensus calling for the hike taking place in June, when compared with the prior expectations of a hike in September.