GMR Airports on Friday said it has set up a special purpose vehicle to implement the cargo city project at Indira Gandhi International Airport (IGIA) in the national capital.
According to a regulatory filing, 'GMR Cargo and Logistics Ltd' was incorporated on September 11 for undertaking the project as well as other cargo and logistics-related opportunities.
The project was awarded by Delhi International Airport Ltd (DIAL), a subsidiary of GMR Airports, which operates IGIA.
"The Special Purpose Vehicle (SPV) entity has been incorporated as a wholly owned subsidiary of the company with an initial paid up share capital of Rs 10,00,00,000... divided into 1,00,00,000... equity shares of Rs 10 each," the filing said.
Shares of GMR Airports were trading flat at Rs 88.22 apiece in the afternoon trade on BSE.
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