GMR Infra shares surge 1.13% after winning Indonesia airport bid

Shares of GMR Infrastructure surged 1.13% to Rs 40.25 after its subsidiary GMR Airports (GAL), was declared the leading bidder for the development and operation of Kualanamu International Airport in Medan, Indonesia. In a message for GMR Airports Consortium Team, Angkasa Pura 2 (AP2), the state-owned enterprise and the bidding authority for the Medan Airport have notified that they have done the best and final evaluation process for the strategic partnership selection for the Medan Airport and have declared GMR Airports as the winning bidder. GMR Airports and its wholly-owned subsidiary, GMR Airports International B.V, had offered the project as a consortium. Medan is the fourth-largest urban region in the nation and is the capital of North Sumatra province. For this project, GMR Infrastructure will enter into a 49:51 partnership with AP2. The consortium will modify Kualanamu International Airport into the Western International hub of Indonesia. The airport managed over 10 million passengers in 2018. The project scope comprises the operation, enhancement and enlargement of the airport over 25 years. Kualanamu International Airport is a working Airport with good cash flows. GMR Airports won the proposal for this high increase potential brownfield Airport, via a closely contested international competitive tender process and would partner with Angkasa Pura 2 (AP2). The letter of award is likely to be released in the coming few days, post-bid formalities while signing project deals before the end of the year. On a consolidated basis, GMR Infrastructure registered a net loss of Rs 169.21 crore in Q2 September 2021 compared to a net loss of Rs 750.03 crore in Q2 September last year. Net sales grew 49.4% to Rs 1,791.32 crore in Q2 September this year compared to Q2 September 2020. GMR Infrastructure is a prominent global infrastructure conglomerate with interests in energy, airport, transportation and urban infrastructure. Image Source Also read: GMR Infrastructure records net consolidated loss of Rs 169.21 cr in Q2