GMR accepts ‘letter of award’ for Mopa project

PANAJI:GMR Airports Limited, on Tuesday, gave its acceptance to the letter of award issued by the state government to it for the construction of the international greenfield airport at Mopa, which is estimated to cost over 4,500 crore. The state government issued the letter of award on Saturday.
Director, directorate of civil aviation Suresh Shanbhogue told the TOI that the state government has received the acceptance from GMR Airports Limited through email.
Within 45 days from the date of issue of letter of award, GMR has to sign the concession agreement with the government. “GMR has to form a special purpose vehicle (SPV) to take the construction of the Mopa airport ahead after which the government will sign the concession agreement,” Shanbhogue added.
The concession period will be for 40 years, extendable for another 20 years.
After forming the SPV, GMR will get six months to raise funds. Once GMR completes financial closure and approaches the state government, the directorate of civil aviation will hand the land over to the bidder. tnn