GMR, Limark to Hold Majority Stake in Istanbul Airport Venture

GMR Infrastructure of India and Limark will own 80% stake in a joint venture company to be set up to build a new terminal at the Sabiha Gokcen International Airport in Istanbul, Turkey. Malaysia Airports Holdings will own the remaining 20%, said The Economic Times, citing a Reuters report.

The partners will invest E250 million for developing the international terminal. GMR said that the capacity of the airport will be increased from the current 3.5 million to 10 million passengers per annum. The consortium will run the airport for 20 years.

The Press Trust of India has quoted Ranjit Murugason, CEO of GMR international division, as saying: “This project will increase the international exposure of the GMR Group. It will also serve as the ideal reference for entering into other European countries.”