GMR Infrastructure to invest Rs 523 cr in Shamshabad Int'nl Airport

Mumbai, Oct 17 (UNI) Construction major GMR Infrastructure Ltd today announced that it has planned an additional investment of Rs 523 crore in the international airport at Shamshabad near Hyderabad.

For meeting this additional expenditure, GMR Hyderabad International Airport Ltd, a wholly owned subsidiary of GMR Infrastructure, has decided to inject an additional investment of Rs 523 crore including the investment in fuel farm facilities, the company told BSE in a notice here today.

This was subsequent to a decision taken at GHIAL board meeting held in Hyderabad on October 16. The additional investment would be raised by way of 100 per cent debt from leading banks.

Further, the company informed that the money would be used to improve facilities at the airport and would take the total project cost to Rs 2,283 crore. This investment seeks to provide additional facilities at the new airport for catering upto 12 million passengers, by the Airport Commencement date, due in April 2008 to meet the growing demand for air travel, it said.

The additional facilities to be provided are additional aircraft parking stands, rapid exit taxiways and full-length parallel taxiways. Also included are additional office space for airlines, extra cargo terminal space, additional car parking for passengers and public, all of which have been incorporated to meet future needs, it added.

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