By Abhijit Neogy and Swati Khandelwal, CNBC-TV18

The GMR Group is fast spreading its wings outside India in a first of sorts. GMR Infrastructure has been handed over the operating lease to develop and modernise the existing Sabiha Gokcen Airport in Istanbul, Turkey. The GMR Consortium hopes to breakeven in the first year.

Infrastructure conglomerate GMR Infrastructure has bagged the operating lease to develop and modernise the Sabiha Gokcen airport in Istanbul,Turkey at a one-time investment of Rs 1,575 crore. GMR Infrastructure bid in consortium with Turkey-based Limak Holdings and Malaysia Airports Holdings Berhad was supposed to complete the construction in 30 months. But the intervention of the Turkish Prime Minister has resulted in fast tracking it in just 18 months now.

“Well, the 18-month period is challenging. But I still think we have the technical expertise and its achievable,” said GM Rao, Chairman, GMR Group.

Mr Rao's optimism is based on a revenue model which is unlike the revenue sharing model that airport developers in India have to contend with. The consortium will have to pay an operating rent of 1.932 billion Euros or Rs 11,978 crore staggered over a 15-year period.

The annual payment itself will depend on actual yearly traffic flow. But interestingly, the consortium believes that it will break even from the first year of operations i.e. the current fiscal itself. That's because traffic at the Sabiha Gokcen airport is slated to increase almost by 500% to 45 million passengers by 2028 up from the current 8.5 million. Also revenue streams kick in from the current fiscal itself. These streams include ground handling, duty free shops, cargo handling as well as a domestic passenger fee of 3 Euros for every passenger and 12 Euros for every international traveler.

The Sabiha Project has given the GMR Group reason to dream big and think of other like projects in the Eurasian region. And not just aviation, the Group is actively looking at other infrastructure and energy opportunities in these regions.