NEW DELHI: Airport and infrastructure major GMR Group has signed shareholders agreement with Indonesia’s Angkasa Pura II for the development of Medan Airport.
“GMR Airports Netherlands BV, a step-down subsidiary of GMR Airports Limited (GAL), on December 23, 2021, signed the shareholders’ agreement and share subscription agreement with Angkasa Pura II (AP II) for the development and operation of Kualanamu International Airport (Project) in Medan, Indonesia. The letter of award for the project was received on 23rd November 2021,” said GMR in a regulatory filing.
With this agreement, GMR enters into 49:51 partnership with AP II, the state-owned enterprise and the bidding authority for the Kualanamu International Airport.
The project scope includes operation, development and expansion of the airport over a period of 25 years. Kualanamu International Airport handled more than 10 million passengers in 2018. Srinivas Bommidala, Chairman, Energy and 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’.
With our global aviation expertise, we aspire to transform Kualanamu International Airport into a western international hub of Indonesia and contribute to the overall infrastructure development of the country.”
Back in home, GMR has received NCLT nod for the restructuring plan involving the demerger of the non-airport business.