Gayatri Projects Ltd has made inroads into the construction of airports by bagging a ₹700 crore contract from the City and Industrial Development Corporation of Maharashtra (Cidco).
This is part of the larger Navi Mumbai International Airport project contract. The project entails development of land for the Mumbai International Airport (package-II), the company has informed the BSE.
The Hyderabad-based construction and infrastructure company is seeking to gain a foothold into the relatively nascent and fast growing EPC opportunity in airport related construction works.
The construction and development of airports is expected to be become a major source of business for infrastructure companies, given that the Indian aviation sector is likely to see investments of over $ 120 billion for the development of airport infrastructure and aviation navigation services over the next decade.
With India set to be the third largest civil aviation market by 2020, it will involve the development of many Greenfield airports as well as improvement of existing airports.
Real estate venture Late last week, Gayatri Projects has secured nod to acquire (by way of purchase of 20,000 equity shares of ₹10 each constituting 100 per cent) Gayatri Domicile, a real estate venture of the company, for an amount not exceeding ₹2,00,000.