GMR Infra higher on international foray as domestic project opens: Airport Share Wrap
In India, GMR Infrastructure, investor in Delhi International Airport Ltd (DIAL) (54%), GMR Hyderabad International Airport Ltd (GHIAL) (63%) and Istanbul Sabiha Gokcen International Airport (ISGIA) (40%) closed 0.6% higher, with much activity among the group’s airports sector recently.
Indian PM, Manmohan Singh, inaugurated the USD2.7 billion Terminal 3 at Delhi Indira Gandhi International Airport on 03-Jul-2010. The terminal took 37 months to complete and is scheduled to commence operations on 14-Jul-2010. The airport has capacity to handle 34 million passengers p/a, with plans to handle 60 million passengers p/a by 2020. Indian Minister for Civil Aviation, Praful Patel, said that India has “never been recognised as able to build an infrastructure project on time, but we have demonstrated that we are capable of beating anyone else and on this massive scale”.
See related report: Will Delhi Airport benefit from hosting the Commonwealth Games?
The Indian PM also stated the regulatory and policy framework needs to be aligned for the Indian civil aviation sector to stimulate investment of up to USD120 billion by 2020.
Last week, GMR announced the consortium comprising Malaysia Airports Holdings Berhad (MAHB) and GMR Infrastructure Limited (GMR) entered a concession agreement on 28-Jun-2010, with Maldives Airport Company Ltd and the Republic of Maldives for the rehabilitation, expansion, modernisation, operation and maintenance of Male International Airport. Construction is expected to commence mid-2011 and must be completed no later than 01-Jul-2014 at an approximate cost of USD373 million.
Aeroporto Toscano surges, Beijing slumps
Of the listed airports and operators, Aeroporto Toscano (+5.6%) rose sharply, while Beijing (-6.9%) slumped.
Selected airports daily share price movements (% change): 02-Jul-2010