GMR Infra surges 12% on signing pact for Medan Airport in Indonesia
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Shares of GMR Infrastructure surged 12 per cent to Rs 47.95 on the BSE in Monday’s intra-day trade after the GMR Group signed shareholders agreement with Indonesia's Angkasa Pura II for the development of Medan Airport on December 23.
The company engaged in airport services business had made announcement on Friday after market hours. The stock was trading at its highest level since December 2010. At 02:21 pm; it was up 11 per cent at Rs 47.40, as compared to 0.36 per cent rise in the S&P BSE Sensex. The trading volumes on the counter jumped over four-fold with a combined 84.12 million equity shares changing hands on the NSE and BSE.
GMR Airports Netherlands B.V., a step down subsidiary of GMR Airports (GAL), on December 23, 2021, signed the Shareholders’ Agreement (SHA) and Share Subscription Agreement (SSA) 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, GMR Infra said in a media release.
The project scope includes operation, development and expansion of the airport over a period of 25 years. Kualanamu International Airport is an operating Airport with healthy cash flows, the company said.
Medan is the fourth largest urban area in the country and is capital of North Sumatra province. An operating airport with healthy cash flows, it handled more than 10 million passengers in 2018.
The GMR Group is currently developing three major greenfield airport projects across India and Greece. Goa and Visakhapatnam airports in India are poised to transform the economy and landscape of the surrounding areas when ready. Crete airport in Greece will similarly play a significant role in the local economy of the region, the company said.
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