GMR Secures Cargo Terminal Contract at Delhi Airport

GMR Airports Ltd has been awarded the contract to manage and upgrade the cargo terminal at Delhi's Indira Gandhi International Airport. The decision follows DIAL's termination of its agreement with Turkish firm Celebi. The project will operate under a revenue share model through 2036, with an expected Rs 340 crore in the first year.

GMR Airports Ltd has clinched the contract to oversee the cargo terminal at Delhi's Indira Gandhi International Airport. This agreement comes roughly ten months following the termination of DIAL's arrangement with the Turkish company Celebi.

DIAL, a consortium led by the GMR Group, awarded the contract after a competitive bidding process. GMR will undertake the terminal's upgrade, modernization, financing, operation, management, and maintenance. The project employs a revenue-sharing model, slated for an initial term until 2036, with projected earnings of Rs 340 crore in the first full operational year.

The bidding result, a related party transaction occurring at arm's-length, was disclosed in a regulatory filing. Despite ongoing economic fluctuations, with shares of GMR Airports Ltd dropping 4.29% on the BSE, this venture underscores the company's growing influence within the aviation sector.

(With inputs from agencies.)