GMR wins $700-mn Philippines project

GMR wins $700-mn Philippines project
A consortium between GMR Infrastructure and Philippines-based Megawide Construction Corporation has awarded a $700 million project by the Philippines Department of Transportation and Communication to develop and operate the Mactan-Cebu International Airport in The Philippines.
The $700 million project includes an upfront payment of $320 million to The Philippines government as part of the bidding process conducted in November last year. 
The project has been awarded at a 25-year concession period and will involve renovating the existing passenger terminal building, building a new one to service international flights, 
as well as operating the airport.
GMR has been jointly bidding for the project along with Megawide since 2011. 

The company has developed and operated the new airports in New Delhi, Hyderabad and the Sabiha Gocken airport in Istanbul.

GMR Infrastructure Chairman G M Rao said that GMR Infrastructure and Megawide will look to combining their expertise to develop the Mactan-Cebu International Airport into a regional hub in The Philippines, thereby, giving a boost to tourism traffic, besides creating multiplier economic benefits for the region. 
GMR-Megawide will now have 20 days to complete the post-award requirements, such as the submission of an irrevocable letter of credit in the amount of 180 Million Peso and the payment of the premium amount to government through the Mactan Cebu International Airport Authority.
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