Spreading wings

It's definitely not a case of once bitten twice shy for GMR Infrastructure, led by GM Rao, Chairman and Managing Director. The company, even after its disappointment of the Male airport project, is exploring an option to bid for a $400-million airport upgradation project in the Philippines. As a part of this, the company has formed a 51:49 JV with a publicly held company - Megawide Construction Corp. The Mactan-Cebu International Airport currently has a capacity to manage around 6 million passengers annually and its upgradation is expected to raise this capacity substantially higher. The company's bid for this project comes a few months after it was unceremoniously asked to give up on a $500-million airport upgradation project at Male over alleged irregularities during bidding. The matter is under arbitration in Singapore and GMR is supposedly claiming $800 million as compensation. Whatever the final verdict on this, it has certainly not dissuaded GMR from spreading its wings. Way to go!