Friday, August 12, 2016

GVK hopeful of bagging mandate for Navi Mumbai airport project

Hyderabad: GVK Power & Infrastructure Ltd has said it is hopeful of bagging the mandate to develop the Navi Mumbai greenfield airport project.

GVK Reddy, Chairman, told shareholders the company has the first right of refusal for development of the project, for which a few others have also bid. The project is passing through the bid process. While the RFPs have been issued, it is in the process of issuing RFQs.

“A number of questions have been raised by bidders (including the Tatas and the GMR Group), and we are given to understand by the Government that the whole process may conclude before December 2016,” he said.

Answering shareholders’ questions at the 22nd annual general meeting here today, Reddy said the management’s focus was to bring down the debt of the company, particularly at the holding company level.

Towards debt reduction, the company had earlier this year divested major stake in the Bangalore International Airport project to the Prem Watsa-headed Fairfax Holding for Rs. 2,169 crore, and expects to deploy those funds to pare the holding company’s debt once the process secures the regulatory nod.
12/08/16 V Rishi Kumar/Business Line
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