GMR Infrastructure subsidiary GMR Airports (GAL) has entered a concession agreement with the government of Goa to develop and operate a new Greenfield International Airport at Mopa, Goa, India.

Under the deal, GMR will design, build, finance and operate the Mopa airport for 40 years, with an option to extend the same for another 20 years.

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The concession offers 232 acres of land for commercial development for a period of 60 years.

"Given our vast experience in the airport space, we are confident that we will deliver an airport which not only reflects the rich cultural heritage and ethos of Goa."

The airport will be developed through the design-build-finance-operate-transfer (DBFOT) model, and is scheduled to become operational by mid-2020.

Construction of the first phase of the project is expected to be completed three years from the date of financial closure.

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GMR Group airports chairman Srinivas Bommidala said: “Goa is the marquee beach tourist destination of India.

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“Given our vast experience in the airport space, we are confident that we will deliver an airport which not only reflects the rich cultural heritage and ethos of Goa but also augments Goa’s standing as the leading tourist destination of choice in Asia while boosting jobs for the local community and bringing economic benefits to the state of Goa.”

In August, GMR secured the Mopa airport project through international competitive bidding.

Once completed, the airport will operate on Hybrid Tillmodel with a 30% cross subsidy.

GMR Group currently owns a 64% stake in India’s Delhi International Airport and a 63% stake in Hyderabad International Airport, India.

The group, which was involved in the construction of Delhi airport’s Terminal 3, is also involved in other airport development projects worldwide, including Istanbul’s SabihaGokcen Airport.