GMR Infra gains 12 percent on agreement with Indonesia’s Angkasa Pura II for Medan Airport
Published On: Monday, December 27, 2021 | By: Team KnowMyStock
Shares of GMR Infrastructure surged 13 percent to Rs 48.45 on the BSE in Monday’s intra-day trade after the GMR Group signed a shareholders agreement with Indonesia's Angkasa Pura II for the development and operation of Kualanamu International Airport in Medan, Indonesia.on December 23. The project scope includes operation, development, and expansion of the airport over a period of 25 years. Kualanamu International Airport is an operating Airport with healthy cash flows, the company said. With the signing of the agreements, GMR enters into a 49:51 partnership with APII, the state-owned enterprise and the bidding authority for the Kualanamu International Airport. The consortium will transform Kualanamu International Airport into the Western International hub of Indonesia.
Commenting on the development, Srinivas Bommidala, Chairman Energy & International Airports, GMR Group, said, “GMR’s entry into the Indonesian aviation sector is a significant step in support of the Indian government’s policy to ‘Look East’. The Hon’ble Prime Minister has given a further clarion call to ‘Act East’ and GMR is pleased to demonstrate commitment to this call by acting in leveraging its expertise for cementing this key partnership in Indonesia.
Tags: GMR infra indonesia medan airport
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