GMR signs an agreement to develop Filipino airport

New Delhi: GMR Infrastructure has signed a concession agreement to develop and operate the Mactan Cebu International Airport in the Philippines.

The GMR Group, together with Philippines based construction firm Mega-wide, had won an international bid to develop and operate the Mactan Cebu International Airport on April 4. The project is estimated to cost about $700 million.

“The GMR-Megawide consortium on Tuesday paid an amount of Philippine Pesos 14.4 billion (approximately $320 million) to the Mactan Cebu International Airport Authority in the Philippines as upfront premium for award of the concession of the MCIA,” GMR said in a statement.

Following the receipt of payment, the department of transportation and communications (DOTC) and Mactan Cebu International Airport Authority signed the concession agreement with the GMR Megawide consortium.