GMR consortium enters runway at Sabiha Gokcen airport

Ankara: The consortium of GMR Infrastructure, Limak of Turkey, and Malaysia Airports Holdings has signed an agreement with the Turkish defence ministry for developing the second international airport in Istambul. Following this, the Sabiha Gokcen International Airport (SGIA) was officially transferred to the consortium.
The need for a second airport has arisen because the existing Ataturk airport is bursting at its seams.
For GMR, which holds 40% in the venture - Limak holds 40% while Malaysia Airports 20% - the project is a huge boost. It marks the company’s first airport footprint outside the country. While for Turkey - a fast-growing EU aspirant - the deal brings exciting FDI at a time when the country is looking at foreign investments, and the deal would dispel any fears of financial restrictions.
Opened in 2001 as the second international airport of Istanbul, Sabiha Gokcen’s annual passenger capacity now is 4 million but is targeted to zoom to 10 million.
21/03/08 Economic Times

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Categories: Airports Mar 2008, Foreign Mar 2008, New Mar 2008