Live
- Three persons admitted to hospital for diarrhea treatment
- First Star Outside Milky Way Captured: WOH G64 is 2,000 Times Larger Than the Sun
- Sikkim govt to constitute state Niti Ayog: CM Tamang
- CBI books Rajasthan narcotics inspector for Rs 3 lakh bribe
- Rajasthan bypolls: A tough contest between BJP and Congress
- Albania joins SEPA, paving way for EU integration
- Japanese government approves 250-billion USD economic package to ease price pain
- Six pharma companies to set up their units in Telangana
- The Unstable Events of a 17-Wicket Day in Perth: India vs Australia
- Dutch FM's Israel trip cancelled after Netanyahu's arrest warrant
GMR signs concession pact for Philippines airport
GMR Signs Concession Pact For Philippines Airport. GMR Infrastructure on Tuesday said the GMR-Megawide consortium had paid an amount of Philippine Pesos 14.4 billion (about Rs 1,950) to the Mactan Cebu International Airport Authority (MCIAA), Philippines, as upfront premium for award of the concession of the Mactan Cebu International Airport (MCIA).
- The consortium led by the infrastructure major has paid about
- Rs 1,950 crore as upfront payment for the Mactan-Cebu Airport project
Hyderabad: GMR Infrastructure on Tuesday said the GMR-Megawide consortium had paid an amount of Philippine Pesos 14.4 billion (about Rs 1,950) to the Mactan Cebu International Airport Authority (MCIAA), Philippines, as upfront premium for award of the concession of the Mactan Cebu International Airport (MCIA).
With this, the GMR-Megawide consortium has fulfilled its first major obligation well within the stipulated time thus demonstrating its commitment towards the project, GMR said in a statement.
Following the receipt of payment, the Department of Transportation and Communications (DOTC), Philippines and MCIAA signed the Concession Agreement with GMR Megawide Consortium.
This marks the beginning of a transition phase before the operations of MCIA are formally handed over to GMR-Megawide later in the year. In the international bidding process which culminated in December 2013, the GMR-Megawide consortium had emerged as the highest bidder for the MCIA project after submitting a bid of P14.4 billion. DOTC had formally issued the Letter of Award to the consortium earlier this month.
G M Rao, Group Chairman, GMR Group, said: “By making the upfront payment of P14.4 billion within the stipulated time we have clearly demonstrated our credentials and capabilities to take up this mega project. This is just the first step in our endeavor to transform the MCIA into a world class airport destination”.
Using GMR Group’s proven expertise in airport development and operations, we will focus our efforts in making MCIA into an efficient passenger-oriented and commercially sustainable airport that will make a significant contribution to the economy of Cebu, he added.
GMR had bid for the Mactan-Cebu airport project with Megawide Construction Corporation, one of Philippine’s leading construction firms listed on the Philippine Stock Exchange since 2011
GMR Group is a diversified conglomerate with interests in airports, energy, highways and urban infrastructure projects. It operates the country’s busiest airport, the Indira Gandhi International Airport in New Delhi, where it has built a brand new integrated terminal T3. It has also developed and commissioned the Greenfield international airport at Shamshabad on the city outskirts. Besides, the infra major has been part of a consortium that has upgraded and is operating the Istanbul Sabiha Gokcen International Airport in Turkey.
According to GMR group, airports operated by it have been consistently rated amongst the best run airports in the world as per Airport Service Quality surveys conducted by Airports Council International.
“When GMR took over the Delhi airport in 2006 it was ranked 101st amongst 150 airports around the world. Today it has been ranked the 5th best airport overall amongst 285 airports in the world. Similarly the Hyderabad airport has been rated the second best airport in the world in the 5 to 15 million passenger category,” it added.
