Infrastructure conglomerated GMR group on Friday unveiled its plans to modernize and develop Nagpur Airport following a ruling by the Nagpur Bench of Bombay High Court. After a favorable judgment from the Nagpur Bench of the Bombay High Court, GMR Group said it will develop a new greenfield integrated terminal at Nagpur Airport with initial capacity of handling 4 mln passengers per annum.

On Thursday, GMR Infrastructure Ltd told stock exchanges that the court had set aside MIHAN India Ltd's annulment of the bidding process for the upgradation, operations and maintenance of Nagpur Airport, in which GMR Airports Ltd had emerged as the highest bidder. This has paved the way for the company to undertake the operations and management of the airport.

The court mandated that the concession agreement for the airport be signed within six weeks. MIHAN India is a joint venture between Maharashtra Airport Development Co and Airports Authority of India, and currently operates Dr. Babasaheb Ambedkar International Airport in Nagpur. GMR Infrastructure will undertake a 4-year revamp of the airport under the first phase. Along with the integrated terminal, it will also develop associated aeronautical infrastructure including aprons and taxiways, new car park and approach road, and a new cargo terminal, it said. For cargo operations, the company will begin with an initial capacity of 20,000 tn annually and will pursue a cargo development vision modelled on its own experience at Delhi and Hyderabad

Microsoft invests USD5 million in OYO, values co at USD9 billion

Listed real estate developers’ net debt declines 37 pc amid Covid

IPO: Adani-Wilmar Initial Public Offer temporary halt by Sebi