GMR sets sights on European airport projects

New Delhi: Buoyed with the success of landing the contract for modernising Sabiha Gokcen International Airport (SGA) at Istanbul in Turkey, Hyderabad-based GMR Group is now all set to bid for airport projects in Belgium, Portugal and other east European countries.

These bids would be made in partnership with private equity firms or local real estate developers. According to company officials, the Group is evaluating various infrastructure projects in the region. Countries in the region are expected to open airport operations for privatisation in the near future.

The GMR Group is now banking on experience gained through the execution of two important projects such as the Hyderabad and Delhi international airports. It now plans to bid for city side development of 24 non-metro airports in the country. The Group intends to bid for the Greater Noida airport as well, for which it has the first right of refusal. Tenders will very likely be invited for the project after 2008.

According to company officials, GMR would fund its projects through a mix of equity and debt.