Wednesday, April 23, 2014

Philippines signs airport pact with GMR despite legal issues

Bangalore: Various ongoing legal issues notwithstanding, the GMR-Megawide consortium on Tuesday signed the concession agreement with the Philippines’ Department of Transportation and Communications (DOTC) and Mactan Cebu International Airport Authority (MCIAA) for expanding the Mactan Cebu International Airport (MCIA).
The concession agreement was signed after the consortium paid $320 million as upfront premium.
According to a statement from GMR Infrastructure, this marks the beginning of a transition phase before the operations of MCIA are formally handed over to GMR-Megawide later in the year.
After giving a bid of $320 million, the GMR-Megawide consortium had emerged as the highest bidder for the MCIA project in the international bidding process, which culminated in December. DOTC had formally issued the Letter of Award to the consortium on April 4.
23/04/14 Business Standard
To Read the News in full at Source, Click the Headline