Shares of GMR Infrastructure climbed more than 3 percent intraday Tuesday. Its joint venture compay GMR-Megawide is in race to acquire operations of five airports worth USD 2.4 billion in Philippines under PPP model.
As many as six companies, including GMR-Megawide, have evinced interest in the airport projects, according to a statement issued by the Philippines government.
GMR-Megawide currently runs Mactan Cebu International Airport (MCIA) in that country.
"These PPP projects involve development, operations and maintenance of the five regional airports," the statement said.
The private partner would provide necessary improvements to the airport to enhance passenger safety, security and access. Besides, it would have to bring in efficiency in passenger and cargo movement, operations as well as actively market the airports in order to develop direct international passenger traffic.
The other prospective bidders who bid for the five airport projects are Metro-Pacific-JG Summit Consortium, Aboitiz Equity Ventures, Miguel Corp, Philippine Skylanders Inc and Union Equities.
In the international competitive bidding process, GMR-Megawide Consortium had emerged as the highest bidder after offering a bid premium of 14.4 billion Philippine Pesos (approximately USD 305 million) for the airport.
At 13:24 hours IST, the scrip of GMR Infrastructure was quoting at Rs 15.04, up Rs 0.31, or 2.10 percent on the BSE.
(With inputs from PTI)
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