GMR inks deal with Turkey to expand Istanbul's international airport

New Delhi, Mar 23 (UNI) Bangalore-based GMR Infrastructure along with its consortium partners from Turkey and Malaysia has signed an agreement with the Turkish Defence Ministry to expand the Sabiha Gokcen International airport in Istanbul.

Under the implementation agreement, the consortium partners will put in a minimum investment of 420 million dollars to upgrade the seven-year-old airport by constructing a new integrated domestic and international terminal to handle 10 million passengers a year from the existing 3.5 million passengers, the company said in a statement.

GMR holds 40 per cent stake in the newly formed Istanbul Sabiha Gokcen International Airport, the Turkish infrastructure-major Limak holds 40 per cent and Malaysia Airports Holding Berhad (MAHB) holds the remaining 20 per cent stake.

While GMR and Limak will focus on development, financing, corporate relations, commercial strategy and human resources management, MAHB will take care of operations and related issues.

''The consortium will pay three billion dollars to the Turkish Government over a period of 20 years as part of the concession agreement,'' said Chairman (Corporate and International Business), GMR group G B S Raju.

The consortium is expected to begin work in May and complete the project in 30 months.

The scope of work includes operations of all terminals, handling of aircraft, baggage and cargo, it added.

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