GMR updates on airport project in Philippines

GMR Megawide Consortium had submitted an unsolicited proposal for decongestion and comprehensive capacity enhancement at Ninoy Aquino International Airport, Manila, Philippines to the Manila International Airport Authority and Department of Transportation on March 1, 2018.

In a letter dated July 15, 2020, the Manila International Airport Authority (MIAA) - the project implementing agency has granted the GMR Megawide Consortium (comprising of Megawide Construction Corporation 60% and GMR Group 40%), the Original Proponent Status (OPS) for developing the Ninoy Aquino International Airport.

As per the applicable Build Operate Transfer (BOT) Law, the next steps prior to potentially awarding the project include NEDA Board Approval, Negotiations and Swiss Challenge.

Shares of GMR INFRASTRUCTURE LTD. was last trading in BSE at Rs.20 as compared to the previous close of Rs. 20.1. The total number of shares traded during the day was 1099199 in over 22052 trades.

The stock hit an intraday high of Rs. 20.55 and intraday low of 19.7. The net turnover during the day was Rs. 22229906.

Source : Equity Bulls

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