GMR Airports Ltd gets favorable verdict for Nagpur Airport project

GMR Infrastructure Limited had earlier announced regarding the award of concession for Nagpur Airport to GMR Airports Limited, a subsidiary of ("GMR").

The Hon'ble Nagpur Bench of the Bombay High Court yesterday (judgement copy available late evening) had quashed and set aside the Letter dated March 19, 2020 issued by MIHAN India Limited annulling the bidding process for the Nagpur Airport and further directed MIHAN India Limited to take all steps in terms of the RFP conditions, including signing of a Concession Agreement for the Nagpur Airport, within 6 weeks.

It may be noted that GMR had emerged as the highest bidder in the tender process conducted by MIHAN India Limited ("MIHAN") for the Nagpur Airport in 2019. The Letter of Award ("LOA") was issued to GMR in March 2019. However, Government of Maharashtra decided to cancel the tender process in March 2020 and MIHAN issued a Letter annulling the bid process.

The decision of MIHAN was challenged by GMR before the Hon'ble Nagpur Bench of Bombay High Court. The Hon'ble Bench heard the petition and delivered the judgement on August 18, 2021, quashing and setting aside the annulment letter issued by MIHAN and directed MIHAN to execute Concession Agreement for the project.

Shares of GMR Infrastructure Limited was last trading in BSE at Rs. 28.8 as compared to the previous close of Rs. 29. The total number of shares traded during the day was 5824244 in over 2764 trades.

The stock hit an intraday high of Rs. 29.8 and intraday low of 28.6. The net turnover during the day was Rs. 169491231.

Source : Equity Bulls

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