GMR Infrastructure subsidiary DIAL invites Expression of Interest from potential Real Estate Investors

GMR Infrastructure Ltd has announced that Delhi International Airport (P) Ltd (DIAL), a subsidiary of the Company & a consortium mandated to modernise, manage and develop Indira Gandhi International Airport is seeking expression of interest from potential Indian and international Real Estate investors to develop complete range of hospitality sector to build various categories of hotels and related facilities at the Delhi Airport site. Delhi and National Capital Region is facing severe shortage of hotel rooms as the tourist inflow continues to increase in this region.

In the first phase of airport modernisation plan, GMR DIAL will upgrade its existing terminals; build a new Code F compliant runway and a world class integrated terminal to cater to 37 million passengers in 2010 and in time for the Commonwealth Games.

Prompted by the Commonwealth Games, the tourist traffic growth to NCR will take a further jump upwards. This will necessitate the availability of more hotel rooms in the NCR. During its interaction with government on the airport development plan, DIAL was asked to develop various facilities for passengers including those relating to hospitality and air freight and travel services.

As per the OMDA agreement (Operation, Management and Development Agreement), DIAL can commercially develop 5% of total land for facilities required by the passengers. In the first phase Delhi Aerotropolis (P) Ltd (DAPL), a subsidiary Company which will develop this land has ear marked about 39 acres of land for developing hotels and related commercial facilities. It is seeking EoI (Expression of Interest) from potential Indian and international property developers and investors for building hotels of various sizes and categories ranging from economy to luxury hotels.

In line with its endeavour of building world class airport and facilities, DIAL and DAPL have engaged the services of internationally renowned Jones Lang LaSalle, property consultants, Lehman Brothers, financial consultants and Pell Frischmann / Frischmann Prabhu and YRM for master planning, infrastructure development and architectural services. The process of identifying developers is likely to be completed in about two month's time.

Source : Equity Bulls

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