GVK Power & Infrastructure has won the bid of Rs 16,000 crore worth airport project in Navi Mumbai.
The company has edged out another potential bidder GMR Infrastructure in the final round. It has offered 12.6 per cent share to the project implemented by City and Industrial Development Corporation (CIDCO) which was higher than of 10.44 per cent offered by its closest opponent GMR.
After this win, it is believed that GVK’s shares would gain almost 20 per cent in the stock market which may cover the declining phase from last few years due to uncertainty over the payments of heavy debts. However, the company is confident to raise the fund for the Navi Mumbai international airport project.
The airport is spread over an area of 5,867 acres where a terminal building of 5,23,000 sq. mt. and two runways are planned to be constructed.
Source: ET Realty