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GMR consortium bags Istanbul airport contract
GMR Infrastructure Ltd has made its first foray in the international arena. A joint consortium that includes the GMR Infrastructure Ltd has bagged the contract to develop Sabiha Gokcen International Airport in Istanbul.
GMR Infrastructure Ltd has made its first foray in the international arena. A joint consortium that includes the GMR Infrastructure Ltd has bagged the contract to develop Sabiha Gokcen International Airport in Istanbul.
The Build-Operate-Transfer project includes not only constructing a new international terminal capable of handling 10 million passengers annually within 30 months but also managing the existing domestic and international terminals.
The total investment is estimated at about €400 million. The project has a debt-equity ratio of 18:20. GMR Infrastructure, a listed company, holding a 40 per cent stake in the consortium, would pump in around €32 million of the €80 million equity, said Mr Madhu Terdal, Chief Financial Officer, Corporate Strategic Finance, GMR Group.
Company officials added that the funding would be financed through internal accruals and no special purpose vehicle was being set up for the project.
The Build-Operate-Transfer project includes not only constructing a new international terminal capable of handling 10 million passengers annually within 30 months but also managing the existing domestic and international terminals. 
