GMR Airports Infra’s subsidiary inks pact with NIIF for Bhogapuram International Airport

22 Dec 2023 , 11:25 PM

GMR Airport Infrastructure stated that its subsidiary GMR Airports Limited has singed an agreement to build and manage the Bhogapuram International Airport in association with NIIF.

GMR Airports Infrastructure Limited stated in a regulatory filing that GMR Airports Limited (GAL) and NIIF (National Investment and Infrastructure Fund) signed binding agreements for NIIF to invest up to Rs 6.75 billion in GMR Visakhapatnam International Airport Limited (GVIAL), a special purpose vehicle to develop and operate the Bhogapuram International Airport.

According to the filing, this investment is part of the financial arrangement announced in regard to NIIF’s involvement in the equity capital of three GMR Airports Limited airport developments. The concession to build and operate the greenfield Bhogapuram International Airport (BIA) to the north of Visakhapatnam in 2020 was given to GVIAL.

GMR Airport Infrastructure closed with a gain of 2% at Rs 74.75 on NSE.

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