GMR Airports Limited, a subsidiary of GMR Infrastructure Ltd has emerged as the highest bidder for the Development, Operations and Management of Dr Babasaheb Ambedkar International Airport at Nagpur on a Public Private Partnership (PPP) basis.
According to a press release issued by GMR Monday the project involves upgradation, modernisation, operation and maintenance of Nagpur Airport for a period of 30 years and includes construction of a new terminal amongst other works.
Two bidders-GMR Airports and GVK submitted their bids.
GMR Airports Limited has submitted the highest revenue share bid and expecting Letter of Award shortly, it said.
MIHAN India Limited, a joint venture between Maharashtra Airport Development Company, a Maharashtra government undertaking and Airport Authority of India, had started the RFP process to privatise the Nagpur airport in March 2018.
In FY2017-18, Nagpur airport had handled 2.18 million passengers and 7,800 tonnes of cargo.
Over the past five years the passenger traffic at the airport has grown at 11 pr cent CAGR while the airport ranks 17th in India in terms of cargo traffic.
Business Chairman GMR Airports, GBS Raju said, "We are very pleased to emerge as the privatisation of Nagpur Airport.
We look forward to on this prestigious airport and to upgrade the existing airport to global standards which would be a matter of pride for the city of Nagpur and provide a further fillip to the economic potential of Vidharba region."
Executive Director, GMR Airports, Sidharath Kapur said Nagpur Airport is a strategically located high potential one and it would be a welcome addition to the company's growing portfolio of Indian and global airports and strengthen the platform of GMR Airport.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)