Companies

GMR spending ₹20,000 crore on airports’ expansion, developing new ones

PTI Hyderabad | Updated on August 20, 2021

GM Rao, Chairman, GMR Group   -  Businessline

Airport business currently comprises of four operating airports, further two assets under construction

GMR Group is currently investing ₹20,000 crore to expand existing airports and develop new aerodromes, GM Rao, Chairman, said.

“Airport Development and Construction: GMR Group has set benchmarks for development of world class airport infrastructure. The company is currently investing approximately ₹20,000 crore to expand the existing airports and develop new airports,” he said in the group’s latest annual report.

GMR’s airport business comprises of four operating airports – Indira Gandhi International Airport, Delhi; Rajiv Gandhi International Airport, Hyderabad; Bidar Airport, Karnataka; and Mactan Cebu International Airport in the Philippines.

Also see: High Court directs award of Nagpur airport development contract to GMR

Further, two assets Greenfield Airports at Mopa, Goa and Crete International Airport, Greece are under construction. The group has also signed the concession agreement for a Greenfield Bhogapuram International Airport in Andhra Pradesh in June 2020 and development works are currently in progress.

Development in progress

Currently, Delhi Airport is undergoing expansion of its airside infrastructure and terminal capacity to 100 million passengers annually. The entire Phase 3A expansion is now planned to be completed by June 2023, Rao said.

Further, to meet the anticipated funding needs of the expansion project and to repay the $289 million bond maturing in FY22, Delhi Airport raised $450 million in the form of overseas Green bonds.

The Hyderabad Airport has already commissioned four rapid exit taxiways and completed the rehabilitation works of the main runway in the first quarter of the current fiscal as part of its capital expansion works.

“GHIAL is well underway to complete its expansion to a capacity of 35 million passengers annually by September 2022,” Rao said.

To meet the entire funding requirements of the expansion project, GHIAL raised 5-year bonds amounting to $300 million last fiscal.

Construction and development works at Goa Airport, resumed at site in Feb 2020 post the reaffirmation of environmental clearance to the project by the Supreme Court. The airport is expected to be commissioned by August 2022.

The development works, including earthworks, are in progress at Bhogapuram International Airport post signing the concession agreement with the AP Government for the Greenfield in June 2020, he added.

Published on August 20, 2021

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