At present, the Mactan Cebu International Airport can handle seven million passengers a year
Last year, the Philippine government had invited bids to upgrade the Mactan-Cebu International Airport, the country's second busiest airport.
The expansion of the terminal is expected to raise the annual passenger capacity of the airport to 12.5 million.
The consortium beat six others at an auction on Thursday
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.
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.
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