The GMR group is planning to bid for expansion and modernisation of existing airports in Serbia and Jamaica, as it aims to double airports to 10 under management over the next few years.

"We are looking for opportunities both in India and abroad. We have qualified to bid for Belgrade (Serbia) and Kingston (Jamaica) airports," said Sidharth Kapur, president, GMR airports on Tuesday.

Shah Rukh Khan and GMR have acquired teams in the T20 Global League recently launched by Cricket South Africa (CSA). They are also promoters of franchises in the Indian Premier League (IPL) since its inception 10 years back. While SRK will own the franchise from Cape Town, Johannesburg will be the hometown for the GMR-promoted team. SRK co-owns the Kolkata Knight Riders (KKR) franchise and GMR owns the Delhi Daredevils franchise in the IPL.

A total of eight teams have been announced with promoters from India, Pakistan and Dubai among other nations. The tournament will be played in November this year with the final to be held on December 16.

GMR group has won the bid to develop and operate a greenfield airport in Greece giving a boost to its aviation business.

GMR has partnered Greek company GEK Terna to develop the airport at Heraklion on island of Crete. This will be the group's second overseas project (GMR runs Mactan Cebu project in Philippines. Earlier it ran airports in Turkey and Maldives) and the award win comes close on heels of a revival in its airport business.

EW DELHI: GMR Infrastructure today said its subsidiary GMR Airports has been selected to develop, operate and manage the new international airport in Heraklion, Crete island of Greece, in partnership with Greek infrastructure major TERNA SA.

"GMR Airports will be the designated airport operator in the consortium for this project. Greece is a major international tourist destination, with 24 million tourists per annum," GMR Infrastructure said in a BSE filing.

GMR Infrastructure's standalone net loss widened to Rs 2,478.7 crore for the quarter ended March 2017, mainly due to change in accounting norms.

"This loss what you are seeing is more of accounting entry or accounting adjustment," GMR Group CFO Madhu Terdal told.

GMR Infrastructure gained over 17.4% to Rs 17.65 in intraday after it announced a significant reduction in debt and turned profitable in the March quarter.

According to the filing on BSE, gross debt for the company came down to Rs 19,856 crore in FY17 from Rs 37,480 crore last year whereas and net debt to EBITDA ratio for the year improved to 4.3 from 10.2 in FY16

GMR Infrastructure which operates the New Delhi international airport and the Hyderabad international airport has sought the approval of its lenders to demerge its airports arm and list it separately, according to a tweet by CNBC TV18.

GMR Infrastructure which operates the New Delhi international airport and the Hyderabad international airport has sought the approval of its lenders to demerge its airports arm and list it separately, according to a tweet by CNBC TV18.

GVK-led Mumbai International Airport Limited and GMR Group, which run the country's busiest airports, today submitted financial bids for the Rs 16,000 crore Navi Mumbai international airport. Today was the last day for the bid submission after two extensions granted the City and Industrial and Development Corporation (CIDCO).

Bids were received on Monday afternoon, CIDCO officials said. MIAL has the right of first refusal and will be allowed to match the bid if it is 10% lower than competition.

The GMR Group and Tata Realty will not bid for the Navi Mumbai airport project, citing “onerous” bid conditions, among other reasons. “We are not bidding on account of project implementation and execution challenges as well as onerous timelines and bid conditions,” a GMR Group spokesperson said.

This means there will be only two companies — GVK-led Mumbai International Airport (MIAL) and Hiranandani Developers-Zurich Airport consortium — in the race for the Rs 16,000-crore project.

GMR Infrastructure is likely to revise its plans to auction the 2 million sq ft of mall space it has at New Delhi’s Indira Gandhi International Airport as potential bidders have expressed reservations to certain clauses relating to tenure of the lease hold, people familiar with the developments told FE. Sources said that GMR Infra is now likely to develop an office complex or a hotel on the plot.