GMR bags Rs 11K cr Istanbul project
A consortium led by GMR has bagged about Rs 11K cr project to modernise Istanbul's second airport.
By PTI |
NEW DELHI: Amid stiff global competition from major airport construction companies, a consortium led by GMR has bagged about Rs 11,000 crore (two-billion-euro) project to modernise Istanbul's second airport.
"We have to pay a license fee of 1.93 billion euros ($ 2.57 billion) and we will invest 400 million euros in the beginning as part of the project cost," GMR CFO Madhu Terdal told media on Tuesday.
The GMR Infrastructure Limited-led consortium faced stiff competition from Fraport, Venice Airport, Chicago Airport and two other local companies.
The consortium, in which GMR and Turkish firm Limak Insaat Sanayi own a 40 per cent stake each and Malaysia Airports Holdings Berhad the remaining 20 per cent, would develop the Sabiha Gokeen International Airport, which is second one at Istanbul after the Attaturk Airport.
Terdal said his consortium won the bid after a "fierce competition" spread over 17 hours of continuous discussions and bidding.
"We have to pay a license fee of 1.93 billion euros ($ 2.57 billion) and we will invest 400 million euros in the beginning as part of the project cost," GMR CFO Madhu Terdal told media on Tuesday.
The GMR Infrastructure Limited-led consortium faced stiff competition from Fraport, Venice Airport, Chicago Airport and two other local companies.
The consortium, in which GMR and Turkish firm Limak Insaat Sanayi own a 40 per cent stake each and Malaysia Airports Holdings Berhad the remaining 20 per cent, would develop the Sabiha Gokeen International Airport, which is second one at Istanbul after the Attaturk Airport.
Terdal said his consortium won the bid after a "fierce competition" spread over 17 hours of continuous discussions and bidding.
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