Companies

GMR subsidiary will pay 36.9% of topline for 38 years to operate new airport in North Goa

Ashwini Phadnis New Delhi | Updated on January 17, 2018

Facility likely to come up by 2021

GMR Airport Ltd will pay 36.9 per cent of the topline during the concession period for managing the greenfield airport in Mopa, Goa.

During a call with analysts late on Monday, senior GMR officials said that though the concession period is for 40 years, the pay-out will for 38 years as there is a two-year moratorium on the payment.

GMR Airport Ltd, a subsidiary of GMR Infrastructure Ltd, won the international competitive bid for the development and operation of Mopa airport in North Goa late last Sunday.

BOT mode

The airport is to be built through Build Operate Transfer (BOT) initially for a period of 40 years after which it will be thrown open for bidding. The winner of the bid will get to run the airport for another 20 years.

At that time, The Right of First Refusal will be with the GMR Group which will be allowed to match the bid for the airport in case it is not the winner in that round.

Mopa airport is likely to become operational in late 2020 or early 2021 and will have a capacity to handle 7 million passengers.

The existing airport at Dabolim and the one in Mopa will operate simultaneously and compete with each other for traffic.

Operational hours

“The new airport will be operational for 24 hours and unlike the existing airport where there are restrictions on the hours that it can be used by commercial airlines this problem will not exist in Mopa. Passengers will get a better airport experience,” a senior official said. Mopa is 35 km from Panjim while the existing airport is about 20 km.

At the existing airport no flights are allowed between 8 a.m. and 1 p.m.

Last year there was a demand for 12 charters from an international company but due to restrictions at the existing airport only five could be operated. The GMR Group already operates and controls the airports in Delhi and Hyderabad as also Cebu airport in the Philippines.

Capex plans

For the first phase of the project, a capex of ₹1,500-1,800 crore is expected and this will be funded through a mix of debt and equity in the ratio of 70:30.

While the design of Mopa airport is yet to be finalised, it is being planned as a tourist destination on the lines of Koh Samuai airport in Thailand where the sea and its cool breeze welcome passengers.

Published on August 30, 2016

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