BHOGAPURAM / NEW DELHI / MUMBAI / RAJKOT - In a regulatory filing as submitted to the Indian Stock Exchanges, Mumbai headquartered Airport Services arm of Infrastructure major GMR Group - GMR Infrastructure Ltd said of its subsidiary company GMR Vishakhapatnam International Airport Ltd (GVIAL) having inked concession agreement (CA) for the development and operations of Bhogapuram Airport.
In a press-release titled, "GMR Visakhapatnam International Airport Limited (GVIAL) signs Concession Agreement (CA) for the development and operations of Bhogapuram Airport", as attached and enclosed with the regulatory filing as submitted by the company to the Indian Bourses, further read that, GVIAL to operate and maintain the Bhogapuram airport for 40 years and extendable by 20 years, in initial capacity (Phase-1) of the airport to be six million passengers per annum.
GMR Visakhapatnam International Airport Limited (GVIAL), a 100% subsidiary of GMR Airports Ltd (GAL), today announced that it has signed the Concession Agreement for the development and operations of Greenfield international airport at Bhogapuram in Andhra Pradesh with the Government of Andhra Pradesh.
In April 2020, GAL had received the Letter of Award for implementation of project on a PPP basis.
The project involves design, build, finance, construction, development, operation and maintenance of Greenfield International Airport at Bhogapuram for the period of 40 years, extendable by additional 20 years through international competitive bidding process, with GMR airports limited having RoFR of 10%.
In Calendar Year 2019, the existing civil enclave at Vishakapatnam Naval Airfield has handled 2.78 million passengers and ~4400 Tons cargo.
Over the past 5 years the passenger traffic at the Vizag airport has grown at 21% CAGR while the Airport ranks 5th amongst the custom airports in India in terms of Cargo traffic.
The proposed greenfield airport site lies on the border of Visakhapatnam and Vizianagaram districts, and is approximately 45 kms from Visakhapatnam through NH-5 and 25 kms from Vizianagaram via NH-43.
The site is strategically located on the east coast and is stands to get benefit from the vast catchment area surrounding the region.
Moreover, the beach corridor development is underway in proximity to the proposed International Airport in Bhogapuram which will provide impetus to retail and hospitality developments in the region.
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