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August 23, 2021updated 24 Nov 2021 5:25am

GMR to invest $2.7bn on airports’ expansion and development in India

Goa Airport is anticipated to be commissioned by August 2022.

India’s GMR Group has announced plans to invest around $2.7bn (Rs200bn) for the expansion of its current airports and the development of new aerodromes.

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The company is currently operating four airports, namely Indira Gandhi International Airport in Delhi, Rajiv Gandhi International Airport in Hyderabad, Bidar Airport at Karnataka and Mactan Cebu International Airport in the Philippines.

In the group’s latest annual report, GMR Group chairman Grandhi Mallikarjuna Rao said: “GMR Group has set benchmarks for the development of world-class airport infrastructure.”

In June 2020, the group signed a concession agreement for a Greenfield Bhogapuram International Airport in Andhra Pradesh, and development works are currently in progress.

The company also stated that Greenfield Airports at Mopa, Goa; and Crete International Airport in Greece are under construction.

Delhi Airport’s airside infrastructure and terminal capacity are also being expanded to accommodate 100 million passengers a year.

The complete airport’s Phase 3A expansion is expected to be finished by June 2023.

Delhi Airport raised $450m via overseas green bonds to meet the projected funding requirements of the expansion project and pay back the $289m bond maturing in this financial year.

Meanwhile, Hyderabad Airport has commissioned four rapid exit taxiways and concluded the restoration works of the main runway during the year’s first quarter.

This project was executed under its capital expansion works.

It is also completing its terminal expansion project to accommodate nearly 35 million passengers annually by September 2022.

Hyderabad Airport raised five-year bonds of $300m during the previous fiscal year to meet the entire funding needs of the expansion project.

Furthermore, Goa Airport’s construction and development works resumed in February last year after obtaining the reaffirmation of environmental clearance to the project by the Supreme Court.

This airport is anticipated to be commissioned by August next year.

Rao added: “The development works including earthworks are in progress at Bhogapuram International Airport, post-signing the concession agreement with the Andhra Pradesh Government for the Greenfield in June 2020.”

Last week, GMR Infrastructure subsidiary GMR Airports reportedly won the rights to operate Dr Babasaheb Ambedkar International Airport in Nagpur, Maharashtra, India.

This came after the Bombay High Court issued a ruling in favour of the GMR in a legal dispute against the Mihan India joint venture.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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