GMR to consolidate airport assets

Hyderabad: GMR Infrastructure Ltd (GIL) will consolidate its airport assets under a holding company in the next two months, just the way it had done with its power and road assets. GMR runs three airport projects -- Hyderabad and Delhi airports in India, and another in Istanbul, Turkey.
"The holding company structure will afford better management of airport-related activities and also helps raise funds for expansion," GMR Infrastructure CFO Subba Rao told DNA Money.
Airport is the second biggest vertical for the company after energy.
In the second quarter ended September 2009, the energy segment contributed about Rs 539.50 crore to revenues, while airports contributed about Rs 346.40 crore.
While the EPC unit and others brought in Rs 220.93 crore, roads contributed about Rs 87.46 crore.
GMR's total revenue in the quarter was Rs 1,194.29 crore, up 41% per cent over same period last year.
GMR is already working on the monetisation of airport assets.
GMR Hyderabad Airport Ltd (GHIAL), which operates the Rajiv Gandhi International Airport Ltd in Charminar city, has about 5,500 acres at its disposal and the quantum of land that would be monetised is said to be significant compared with New Delhi.
Delhi International Airport Ltd (DIAL) has about 250 acres for commercial activity.
Of this, about 45 acres have already been taken up for monetisation.
28/10/09 K V Ramana/Daily News & Analysis

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Categories: Airports Oct 2009, t