London (MENZIES AVIATION) - Menzies Aviation plc is pleased to announce a new joint venture in India with GMR Hyderabad International Airport Ltd. (GHIAL), the company which is building the new Hyderabad Airport on a Build-Own-Operate (BOO) basis.
The airport is currently under construction and will open in March 2008, at which point the existing airport in Hyderabad will be closed to commercial traffic. The joint venture company, Menzies Aviation (Hyderabad) Private Ltd, 49% owned by Menzies and 51% owned by GHIAL, will operate the cargo warehouse at the new airport.
GHIAL has granted Menzies a 15 year concession, exclusive until the warehouse reaches its 100,000 tonne capacity which is expected to be 6-7 years after construction. Until this time all domestic and international freight at the airport will pass through this single warehouse. GHIAL is a joint venture company with GMR Group, an Indian company specialising in infrastructure development projects including energy, roads and transport, being the majority shareholder.
Other shareholders are the Malaysian Airports Holding Berhad, who operate 38 airports in Malaysia, the Government of Andhra Pradesh and the Airport Authority of India.
Paul Smith, Regional Director, Menzies Aviation plc commented, “Menzies is delighted to conclude this deal with such a professional partner as GHIAL and are excited to have gained a foothold in a key aviation market for the future.”