GMR to spend $700 mn for airport projects in Philippines, Goa

New Delhi: Diversified group GMR today said it plans to spend USD 700 million on airport projects in Cebu, the Philippines and Goa in a little over three years.

Currently, GMR is operating airports in the national capital, Hyderabad and Cebu under different public private partnerships.

"We have plans of spending another USD 700 million (over Rs 4,600 crore) for Cebu and Goa airports," GMR Airports President (Finance and Business Development) Sidharath Kapur said.

He was speaking at the inaugural session of Global Airport Development (GAD) conference -- which is taking place under the aegis of GMR Airports Ltd and Delhi International Airport Ltd (DIAL) -- here.

According to the concession agreement signed between GMR Megawide Consortium (GMCAC) and Philippines' Department of Transportation and Communication (DOTC), the former has taken operational control for renovation & modernisation of Mactan Cebu International Airport (MCIA) from November 2014, as per GMR website.

Last month, GMR Airports won the bid for development and operation of Mopa green field airport in North Goa. The concession period for the project would be 40 years with a possible extension of another 20 years through a bid process.

The airport would be built under the BOT (Build Operate Transfer) model.

On Tuesday, Kapur said DIAL, the joint venture firm, which operates the aerodrome in the national capital, was looking to raise up to Rs 3,000 crore, including through Masala bonds to refinance debt.