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.
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.