GMR signed stakeholders agreement for developing Medan Airport

GMR Group told the media that it had signed a stakeholders agreement with Indonesia's Angkasa Pura II for developing the Medan Airport. GMR Airports has won the tender for the potential brownfield airport through the international competitive bidding process. It received the letter of award for the airport project on 23 November. Medan in Indonesia is an operating airport with healthy cash flow, which handled over 10 million passengers in 2018. GMR Airports has signed the stakeholders' agreement and share subscription agreement (SSA) with Angkasa Pura II (APII) for the development and operations of Kualanamu International Airport in Medan. Chairman of Energy and International Airport, GMR Group, Srinivas Bommadala, said that this partnership would support the Indian government's policy to Look East. The company aspires to transform the airport into a western international hub of Indonesia and contribute towards the overall development of the country. The aviation project work includes operation, development and expansion of the airport over 25 years and transforming the Kualanamu International Airport into the Western International hub of Indonesia. GMR Airports and GMR Airports Limited participated as a consortium for the bidding process. Image Source