GMR Group on Friday said it will divest its entire 40 per cent stake in Cebu international airport in Philippines for an upfront payment of Rs 1,330 crore as well as earnouts to be received over a period of more than four years. The airport is being operated by GMR-Megawide Cebu Airport Corporation (GMCAC) and GMR Airports International BV (GAIBV) holds a 40 per cent stake in the venture. A definitive agreement has been signed between GMR Airports International BV (GAIBV) and Aboitiz InfraCapital Inc (AIC) for the divestment of stake in Cebu airport.
GMR Group is currently investing Rs 20,000 crore to expand the existing airports and developing new aerodromes, GM Rao, chairman of the infra major has said. "Airport Development and Construction: GMR Group has set benchmarks for development of world class Airport infrastructure... Your company is currently investing approximately Rs 20,000 crore to expand the existing airports and develop new Aairports," he said in the group's latest annual report. GMR's airport business comprises four operating airports - Indira Gandhi International Airport, Delhi, Rajiv Gandhi International Airport, Hyderabad, Bidar Airport at Karnataka and Mactan Cebu International Airport in the Philippines.
In India, many players are in the throes of chaos and pain but at least one partnership -- Air Asia India -- that was fraying even before the pandemic now finds itself at breaking point, says Anjuli Bhargava.
Out of the total amount, Rs 9,780 crore would be towards secondary sale of shares by GMR group and Rs 1,000 crore would be equity infusion in GAL.
With passenger growth pegged at 14 to 15 per cent, airport infrastructure could be a make or break business for both new players and incumbents.
The deal will give India's largest conglomerate indirect stakes in seven airports in India and abroad.
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Tiger operates Airbus A320s and was set up by SIA and Singapore's national investment firm, Temasek Holdings, in 2004.
AirAsia has come under scrutiny since June when GMT Research issued a critical report questioning its accounts.
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The expansion of the terminal is expected to raise the annual passenger capacity of the airport to 12.5 million.
The airline has also inked a deal to take 12 A320s from Singapore's Tiger Airways on lease.
AirAsia's rival airlines in India have kept themselves super-busy in the past few months -- by moving court against the former's launch, adding flights on the routes where AirAsia is operating, and engaging in a price war.
AirAsia plans to sell 12 planes this year, a move that will bring in around 500 million ringgit ($156 million) in net profit.
At present, the Mactan Cebu International Airport can handle seven million passengers a year
Infra major GMR is hopeful of maintaining strong order book.
The consortium beat six others at an auction on Thursday
Last year, the Philippine government had invited bids to upgrade the Mactan-Cebu International Airport, the country's second busiest airport.
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Philippines might have emerged as the new capital for call centre works, but the country still has a long way to go to match India in the overall business process outsourcing (BPO) segment not just in terms of size of the industry, but also in terms of range of services.
Rescuers assisted by armed forces scrambled to find survivors in quake-hit central Philippines on Tuesday but a series of powerful aftershocks hampered them, as President Ninoy Aquino appealed for calm, a day after a 6.8 temblor shook the country killing at least 56 people.
India's representation in the top 50 Emerging Global Outsourcing cities has grown to four, from last year's three, with the addition of Jaipur to the list at number 31. The other Indian cities in the list include Kolkata at number six, Chandigarh at 12 and Coimbatore at 17, says the study.
In a recent call to Filipinos, president Arroyo said they should boil rice with sweet potatoes or they should go for cheaper cereals to avoid going hungry as rice prices soared to record levels. "This is a once-a-millennium global crisis. We have an action plan," Arroyo said, noting that residents of the central island of Cebu are already using cheap sweet potatoes to beat the crisis.
Last week's frenzy surrounding India's record initial public offering of Reliance Power was extraordinary - it seemed that everyone wanted a piece of it. The company, expected to make its public debut next month, attracted $190bn for $3bn worth of shares from institutions and retail investors. This week, things could hardly be more different.
For reluctant optimists like me, there are still some inconvenient truths. I believe that the time has come for India to follow the example of China who, in Sonia Gandhi's words, has 'shown the world how much could be achieved with pragmatism, clarity of vision.'
Indian IT-BPO firms are looking at Philipines as a viable option to build outsourcing centres.
Wipro BPO has opened a centre in Cebu, the Philippines, as a part of its global strategy.
The two leaders are understood to have discussed ways to expand bilateral ties. The 30-minute meeting took place on the sidelines of the ASEAN-India summit. Trade between the two countries has been growing at a rapid pace and the two nations have set an ambitious target of $10 billion to be achieved by 2010.
Faced with high energy costs hitting economies of the region, leaders of Association of South East Asian Nations and their dialogue partners on Monday agreed to strengthen regional cooperation on energy security
"The Chinese premier underlined that whatever anybody might say, India and China are friendly neighbours and have a common view of how the world should be looked at," Naraynan said.
"We hope to reach a solution by July 2007," the minister said after the ASEAN-India economic minister's meeting held in Cebu, Philippines.
"Greater connectivity is also central to the idea of regional economic integration," the prime minister said in his speech at the fifth India-ASEAN summit in Cebu, Philippines.
The prime minister said he would hold bilateral meetings, among others, with Philippines President Gloria Macpagal Arroyo, Chinese Premier Wen Jiabao and Vietnam's Prime Minister Nguyen Tan Dung.
Prime Minister Manmohan Singh will leave for the 5th Indo-Association of Southeast Asian Nations summit and the 2nd East Asian summit to be held in Cebu, Philippines on Saturday morning.
With India and the Asean clearing a major roadblock to a proposed free trade agreement, Prime Minister Manmohan Singh is expected to seek a broad consensus for its early implementation during the India-Asean Summit in Philippines.
The proposed Foreign Trade Agreement between India and Asean got a boost today as trade ministers of Asean countries agreed to India's proposal for reducing the negative list to 490 items
On the sidelines of the India-ASEAN summit, Prime Minister Singh might also have bilateral meetings with some of the leaders.
In the backdrop of stepped up violence in Assam by United Liberation Front of Asom militants, Prime Minister Manmohan Singh on Saturday met President A P J Abdul Kalam.
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