A GMR Group-led consortium is in the race to bag a $3 billion contract to upgrade and operate the Manila international airport in the Philippines, as per local media reports.
The consortium consists of GMR Airports International BV and two local partners: construction giant House of Investments Inc. and infrastructure player Cavitex Holdings Inc.
The project involves upgrading terminals, increasing capacity to over 6 crore passengers annually, and technology upgrades for the Ninoy Aquino International Airport—the country's main gateway, according to the Philippine Transportation Department. The concession period is 15 years, and it is extendable by 10 years.
The other competing bids for the project are from the Manila International Airport Consortium, the Asian Airport Consortium, and SMC SAP & Co.
The Philippine government is expected to announce the winning bidder in the first quarter of 2024, local media reported. The technical qualifications and financial capacity of the bidders will be screened in the coming weeks.
The GMR Group already operates Mactan Cebu International Airport—the second largest in the county—in partnership with Megawide Construction Corp. of the Philippines.
The company also operates the Kualanamu International Airport in Indonesia and is building the Crete International Airport in Greece.
Domestically, GMR runs the Delhi, Hyderabad and North Goa airports and is developing an international greenfield airport at Andhra Pradesh's Bhogapuram.
Earlier this month, Rajiv Jain-backed GQG Partners acquired a 4.7% stake for Rs 1,671 crore in GMR Airports Infrastructure Ltd.
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