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21 November, 2024 18:46 IST |
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GMR Infra signs pact for Medan Airport in Indonesia
Source: IRIS | 27 Dec, 2021, 07.58PM
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| Rating: NAN / 5 stars. |
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 GMR Infrastructure, the infrastructure holding company of GMR group, announced that its subsidiary GMR Airports’ (GAL) step down subsidiary GMR Airports Netherlands B.V. has signed the Shareholders’ Agreement (SHA) and Share Subscription Agreement (SSA) with Angkasa Pura II (AP II) for the development and operation of Kualanamu International Airport (Project) in Medan, Indonesia. The letter of award for the project was received on November 23, 2021.
With the signing of the agreements, GMR enters into 49:51 partnership with APII, the state owned enterprise and the bidding authority for the Kualanamu International Airport. The consortium will transform Kualanamu International Airport into Western International hub of Indonesia.
The project scope includes operation, development and expansion of the airport over a period of 25 years. Kualanamu International Airport is an operating Airport with healthy cash flows.
Commenting on the development, Srinivas Bommidala, Chairman Energy & International Airports, GMR Group, said, "GMR's entry into the Indonesian aviation sector is a significant step in support of the Indian government’s policy to ‘Look East’. The Hon’ble Prime Minister has given a further clarion call to ‘Act East’ and GMR is pleased to demonstrate commitment to this call by acting in leveraging its expertise for cementing this key partnership in Indonesia. With our global aviation expertise, we aspire to transform Kualanamu International Airport into a Western International hub of Indonesia and contribute to the overall infrastructure development of the country. Our partnership with Angkasa Pura II (AP II) is testimony to the trust placed in us by the Indonesian government and authorities. We will strive to bring our best to this beautiful and strategic country of ASEAN."
Shares of the company gained Rs 3.45 or 8.09%, to settle at Rs 46.10. The total volume of shares traded was 79,83,560 at the BSE (Monday).
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