GMR to expand more continents after success in Turkey
India (IBTimes) - Riding high on its success in Turkey, India's infrastructure major GMR group now has its sight set on emerging opportunities in global infrastructure and intends to expand to Europe, North Africa, Middle East and Association of South East Asian Nations (ASEAN) regions.
Bengaluru based GMR Group, which had taken a decision last year to expand globally, had clinched the bid for expansion of the Sabiha Gokcen International Airport (SGIA) at Istanbul after grueling process and a 1.9 billion euro winning bid, which does not include 18 percent value added tax, beating offers from four other consortiums of foreign and local players.
"The Istanbul project has given us a foothold to look at opportunities in emerging Europe, North Africa and the Gulf regions," Mr. Ranjit Murugason, Chief Executive Officer (IBD) of GMR had stated. GMR has also opened an office in Turkey to explore opportunities in other infrastructure areas.
The GMR led consortium is to invest 250 million euros in the planned new international terminal, said the statement, issued at a signing ceremony at the Under Secretariat for Defense Industries (SSM) for the construction of the new building.
The consortium agreed to build the international terminal at SGIA on Istanbul's Asian side and run the airport for 20 years. It will expand annual capacity to 13.6 million air passengers from about 3.5 million now.
In a recent statement release the consortium declared that Turkey's Limak and GMR would take an 80 percent stake in the new company while Malaysia Airports Holdings (MAHB), the other firm in the consortium, will take a 20 percent stake.
Mr. G.B.S. Raju, Chairman, Corporate and International Business, GMR, said that the company sees a huge opportunity in airport development globally, with civic authorities looking at expanding the capacities and opening new airports, keeping in mind the unprecedented growth in the aviation sector.
Based on that the group has continued the 'global expansion' drive by setting up an International Business Division (IBD) headquarters in London.
The mandate for IBD is to scout for projects in Europe, North Africa, the Gulf and ASEAN regions in the areas of airport development, energy and highway projects for which it has the requisite expertise. They want to focus on the airports in developing countries that are witnessing high traffic growth.
The business division is already closing in on 2-3 major projects in the infrastructure sector which are expected to be finalized shortly.
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