GMR Airports has signed an agreement with the Government of Goa for the development and operation of north Goa’s greenfield international airport at Mopa.

The agreement was signed by RV Sheshan, CEO, GMR Goa International Airport Limited and RK Srivastava, Chief Secretary, Government of Goa in the presence of Laxmikant Yashwant Parsekar, Chief Minister of Goa.

As per the concession agreement, GMR will design, build, finance and operate the international airportfor 40 years with extension option for another 20 years. The construction period for the first phase of the project is three years from the date of financial closure and is expected to be operational by mid-2020.

Srinivas Bommidala, Chairman-Airports, GMR Group, said, “Goa is the marquee beach tourist destination of India. Given our vast experience in the airport space, we are confident that we will deliver an airport which not only reflects the rich cultural heritage & ethos of Goa but also augments Goa’s standing as the leading tourist destination of choice in Asia while boosting jobs for the local community and bringing economic benefits to the state of Goa”.

In August, 2016, GMR Group won the project through international competitive bidding with Airports Authority of India emerging as the second highest bidder followed by the Essel Infra-Incheon consortium. The project will operate on hybrid till model with 30% cross subsidy. The concession offers 232 acres of land for commercial city side development for a period of 60 years.In the last week of October, 2016, GMR Airports Limited (GAL)has submitted the bid along with its partner GEK Terna Group of Greece for the Development, Operations and Management of New International Airport of Heraklion at Crete Island, Greece.

Related Topics