GMR Infra emerges as highest bidder for Bhogapuram airport project; stock gains 2%

Initial capacity (Phase-1) of the airport is likely to be 6mn passengers per annum

Feb 27, 2019 04:02 IST India Infoline News Service

Shares of GMR Infra gained 2% on Wednesday after the company emerged as the highest bidder for the Development, Operations and Management of Greenfield International Airport at Bhogapuram, Andhra Pradesh on a PPP basis.

Andhra Pradesh Airports Development Corporation Limited (APADCL), had initiated the RFP process for the new airport at Bhogapuram in November 2018, the company said in a press note to the exchanges on Wednesday.

"The project involves design, build, finance, construction, development, up-gradation, modernization, operation, and maintenance of the Bhogapuram airport for a period of 40 years," the company added.

Further, initial capacity (Phase-1) of the airport is likely to be 6mn passengers per annum, which will be built with an investment of ~Rs2,300cr.
GMR Infrastructure Ltd's share price is currently at Rs16.50, up by Rs0.2 or 1.23%, from its previous close of Rs16.30 on the BSE.
The scrip opened at Rs16.60 and has touched a high and low of Rs16.65 and Rs16.45, respectively. So far, 55,84,708 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs9,838.59cr.

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