Comments
The GMR-Megawide Consortium on Tuesday paid Philippine pesos 14.4 billion (approximately $320 million) to the Mactan Cebu International Airport Authority, the Philippines, as upfront premium for award of the concession of the Mactan Cebu International Airport.
With this, the GMR-Megawide consortium has fulfilled its first major obligation well within the stipulated time demonstrating its commitment towards the project. The Department of Transportation and Communications (DOTC), Philippines and Mactan Cebu International Airport Authority (MCIAA) today signed the agreement with GMR Megawide Consortium.
This marks the beginning of a transition phase before the operations of Mactan Cebu International Airport are formally handed over to GMR-Megawide later in the year.
In the international bidding process which culminated in December 2013, GMR-Megawide Consortiumn emerged the highest bidder for the airport project after submitting a bid of P14.4 billion. The consortium secured the Letter of Award on April 4.
G.M. Rao, Group Chairman, GMR Group, in a statement said: “By making the upfront payment within the stipulated time we have demonstrated our credentials and capabilities to take up this prestigious project. This is just the first step in our endeavour to transform the Mactan Cebu International Airport into a world-class airport destination.”
GMR had bid for the Mactan-Cebu airport project with Megawide Construction Corporation, one of Philippine’s leading construction firms listed on the Philippine Stock Exchange since 2011.
Apart from a broad portfolio of power and road projects, GMR operates India’s busiest airport, the Indira Gandhi International Airport, New Delhi, where it has built a new integrated terminal T3. It has also developed and commissioned the greenfield international airport at Hyderabad which serves as a gateway to south and central India.
It has been part of a consortium that has upgraded and is operating the Istanbul Sabiha Gökçen International Airport.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.