Indian-led consortium bags Turkey airport project

NEW DELHI - A consortium led by Indian infrastructure developer GMR has won a 2-billion-euro project to modernise Istanbul’s second airport, a news agency reported Tuesday.

By (DPA)

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Published: Tue 10 Jul 2007, 5:22 PM

Last updated: Sat 4 Apr 2015, 10:18 PM

The consortium, in which GMR and Turkish firm Limak Insaat Sanayi own a 40 per cent stake each and Malaysia Airports Holdings Berhad the remaining 20 per cent, will develop the Sabiha Gokeen International Airport in Istanbul, PTI news agency reported.

Sabiha Gokeen is the second airport in Istanbul after the main Ataturk airport.

‘We have to pay a license fee of 1.93 billion euros and we will invest 400 million euros in the beginning as part of the project cost,’ GMR’s chief financial officer Madhu Terdal said.

The GMR-led consortium won the bid to modernize the Turkish airport in the face of stiff competition from Fraport of Germany, Venice Airport of Italy, Chicago Airport of the United States and TAV of Turkey.

‘With this deal we have made our first global footprint,’ Terdal said. ‘We have to take over the Sabiha Gokeen airport within the next three months.’

Istanbul’s main Ataturk airport had already reached peak capacity, he added.

The GMR Group is building a new international airport at Hyderabad in southern India and is working on expanding and modernising the international airport in India’s national capital New Delhi.

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