To complete Mumbaiairport terminal by next August
Hyderabad, Aug 8:
GVK Power & Infrastructure Ltd will rope in strategic partners for its transportation andairports verticals. “Several global investors have evinced interest to join us,” G.V.K. Reddy, Chairman of the group, said.
Addressing the 18th Annual General Meeting here on Wednesday, he said the company increased its holdings in both the Mumbai and Bangaloreairport projects to 50.5 per cent and 43 per cent by acquiring the stakes of a South African partner and Siemens respectively. “We hope to rope in a strategic partner inairports to infuse some funds,” he said.
He said that the company will complete the Rs 12,500-crore new integratedairport terminal at Mumbai by August 2013, making it one of the bestairports in the world.
Reddy added, “The execution would have been smoother and possibly faster if we had the luxury of access to land like theDelhi, Hyderabad and Bangaloreairports had while developing them.”
As against about 5,000 acres each forDelhi, Hyderabad and Bangaloreairports, GVK had only 2,000 acres of land, and of this about 1,000 acres were occupied. This made execution difficult. “Never mind, everyone will be proud and happy to see the project completed,” he said.
ALLAYS DEBT CONCERNS
Allaying concerns about the company’s mounting debt as pointed out by a shareholder, Reddy said, “As of now, the project will have equity of about Rs 1,500 crore and debt of Rs 4,500 crore. And of the balance Rs 6,500 crore, we expect to develop commercial space in 200 acres. It is likely to fetch us about Rs 1,500 to Rs 2,000 crore. We will take up the issue with the regulator for support of Rs 4,000 crore.”
Along with the Bangaloreairport, GVK is the largest private operator, having handled about 44 million passengers and 6.14 lakh million tonnes (mt) of cargo, he said.
While the Mumbaiairport contributed Rs 1,314.35 crore during 2011-12 (Rs 1,179.35 crore in 2010-11), Bangalore generated a revenue of Rs 635.5 crore (Rs 578.68 crore).
http://www.thehindubusinessline.com/todays-paper/tp-logistics/article3743410.ece
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