GMR Airports Limited (GAL), a subsidiary of GMR Infrastructure Limited, signed the Concession Agreement with Government of Goa for the development and operation of north Goa’s Greenfield International Airport at Mopa.

The agreement is signed by Mr. RV Sheshan, CEO, GMR Goa International Airport Limited (GGIAL) and Mr. RK Srivastava, Chief Secretary, Government of Goa in the presence of Mr. Laxmikant Yashwant Parsekar, Hon’ble Chief Minister of Goa, Mr. Srinivas Bommidala, Chairman-Airports, GMR Group and other dignitaries.

As per the concession agreement, GMR will design, build, finance and operate the international airport for 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 of 2020.

Mr. Srinivas Bommidala, Chairman-Airports, GMR Group, said:

“We are excited about the project and the opportunity to partner with the Government of Goa. GMR Group has already delivered landmark airport assets for the Country. Delhi International Airport which is the ‘Gateway of India’ is today ranked as the Number One Airport in the World in its category. This has brought tremendous pride to the Country and all Indians. Worldwide, airports have been the economic engines of the Country/Region, and Delhi Airport has tremendously boosted not only India’s economy but also the Delhi State economy. GMR Group very humbly takes pride in being the custodian of these national assets thus contributing towards our Hon’ble Prime Minister Shri Narendra Modi’s vision of developing a progressive India.

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 InfraIncheon 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.

GMR Group owns and operates India’s busiest Delhi International Airport, ranked as World’s No.1 airport for two consecutive years and Hyderabad International airport, consistently ranked among World’s top three airports in its category respectively. The Group had constructed Delhi airport’s Terminal 3 in a record time of 37 months and Istanbul’s Sabiha Gokcen airport in 18 months. GMR Infrastructure, in partnership with Megawide Construction Corporation, is also developing Mactan Cebu International Airport (MCIA) in Philippines. 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.