GMR announced as the winning bidder for development and operation of Kualanamu International Airport in Medan, Indonesia

GMR Airports Limited (GAL), a subsidiary of GMR Infrastructure Limited, was today announced as the winning bidder for the development and operation of Kualanamu International Airport in Medan, Indonesia ("Medan Airport").

In a communication addressed to GMR Airports Consortium Team, Angkasa Pura 2 (AP2), the state owned enterprise and the bidding authority for the Medan Airport has informed that they have completed the best and final evaluation process for selection of strategic partnership for the Medan Airport and have announced GMR Airports as the Winning Bidder. It may be noted that GMR Airports Limited and its wholly owned subsidiary, GMR Airports International B.V had bid for the project as consortium.

Medan is the 4th largest urban area in the country and is capital of North Sumatra province. GMR will enter into 49:51 partnership with AP2 for this project. The consortium will transform Kualanamu International Airport into Western International hub of Indonesia.

The airport handled more than 10 million passengers in 2018. The project scope includes operation, development and expansion of the airport over a period of 25 years. Kualanamu International Airport is an operating Airport with healthy cash flows. GMR Airports won the bid for this high growth potential brownfield Airport, through a closely contested international competitive bid process and will partner with Angkasa Pura 2 (AP2). The letter of award is expected to be issued in next few days, post bid formalities, while signing of project agreements before end of the year.

Commenting on the development, Mr. Srinivas Bommidala, Chairman Energy & International Airports, GMR Group, said, "GMR Airports Limited is delighted to have been announced the winning bidder for the development and operation of Kualanamu International Airport in Medan, Indonesia. The project marks the entry of GMR Airports in fast growing Indonesian Aviation sector - the largest in ASEAN and a high potential market. We would like to take this opportunity to reiterate our commitment to transform Medan Airport into a Western International hub of Indonesia and contribute to overall infrastructure development of the country, on the back of our 10+ years experience in the country. The bid win also reinforces GMR Group's credentials as one of the largest airport developers and operators across the world."

Shares of GMR Infrastructure Limited was last trading in BSE at Rs. 39.80 as compared to the previous close of Rs. 40.80. The total number of shares traded during the day was 1449297 in over 3769 trades.

The stock hit an intraday high of Rs. 41.00 and intraday low of 39.60. The net turnover during the day was Rs. 57950929.00.

Source : Equity Bulls

Keywords

GMRInfrastructureLimited INE776C01039 GMRINFRA AirportServices GMRAirports WinningBidder KualanamuInternationalAirport Indonesia MedanAirport