GMR to focus on emerging markets for airport business

MUMBAI: GMR Infrastructure, the flagship company of the infrastructure conglomerate GMR Group that runs four airports across the globe, is looking at emerging markets in South East Asia, South America and African countries for expanding its airport business, a top company official said.

The company is currently developing four airport projects including two in India - Delhi and Hyderabad - and one each in ale and Istanbul.

"We are looking at opportunities for expanding our airport business in the international market. We will be focusing on emerging markets including South East Asia, South America and several African countries. We have not identified any particular project as of now," GMR's Chief Financial Officer, A Subbarao, said.

Besides, the company is also looking at developed countries including the USA among others for expanding its airport business, he said.

The BSE-listed company made its maiden international foray by winning the bid to develop Istanbul Sabiha Gokcen International Airport (ISGIA) at Istanbul, followed by Male airport project in Maldives.

GMR, which reported a consolidated net loss of Rs 66.69 crore for the June 30 quarter, mainly on account of lower revenues from the Delhi airport, high interest cost and increased tax outgo, has planned a capital expenditure of around Rs 15,000 crore over the next 12 months for executing existing projects.