Shares of GMR Airports Ltd were trading in the green and 2% higher on 14 August after the company announced securing a Letter of Intent to Award (LOIA) from its subsidiary Delhi International Airport Limited.

In an exchange filing, GMR Airports said, “This is to bring to notice that GMR Airports Limited (formerly GMR Airports Infrastructure Limited), received a Letter of Intent to Award (LOIA) from Delhi International Airport Limited (DIAL), Indian Subsidiary of the Company, intimating that the Company has emerged as the Selected Bidder to finance, design, develop, construct, operate, manage and maintain the Cargo City at the Indira Gandhi International Airport, New Delhi (Project) for an initial period of up to year 2036, which may further be extended by 30 additional years.”

The business has been chosen to finance, plan, develop, construct, operate, manage, and maintain the Cargo City at Indira Gandhi International Airport in New Delhi for a period of 30 years, with the option to extend for another 30 years.

The project will cover 50.5 acres, with a 10-acre optional piece for future expansion, and will include cutting-edge cargo and logistical facilities. The project will use a revenue-share model with DIAL and a Minimum Monthly Guarantee, resulting in an expected payment of Rs 415.74 crore during the initial term.

The corporation indicated that its promoters and connected companies have no interest in the project other than their current direct or indirect stake in DIAL.

GMR Airports Limited (GAL), the GMR Group’s airport business, is a prominent worldwide platform firm that develops, operates, and manages airports.  It provides integrated aviation services, including retail, air services, and real estate, with a special emphasis on sustainable infrastructure development.

With a presence at important local and international locations, GAL has established itself as a leader in providing world-class airport experiences and innovative solutions.
 
GAL, which has been strengthened by its strategic relationship with Groupe ADP since 2020, manages key airports in Indonesia, including Delhi, Hyderabad, Mopa (Goa), and Kualanamu, and is planning greenfield projects in India and Greece, such as Bhogapuram and Crete. 
 
The company also promotes digital innovation through GMR Innovex to improve passenger experiences and operational efficiency, while expanding its presence in the worldwide airport market.

At 2:14 pm, the shares of GMR Airports were trading 2.10% higher at Rs 90.51 on NSE.

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