GMR Airports Limited (GAL), a subsidiary of GMR Infrastructure Limited, has stated that it has received the Letter of Award (LoA) from the State government for the development and operations of the greenfield international airport proposed at Bhogapuram in Vizianagaram district.
The GMR, in a release on Monday, said the project involved design, build, finance, construction, development, upgrade, modernisation, operation and maintenance of the greenfield international airport at Bhogapuram for 40 years.
It is extendable by additional 20 years through international competitive bidding process, with the GMR Airports Limited having RoFR of 10%.
Strategic location
The proposed airport site lies on the border of Visakhapatnam and Vizianagaram districts, and is approximately 45 km from Visakhapatnam city and 25 km from Vizianagaram.
The site is strategically located on the east coast and it stands to benefit from the vast catchment area. Moreover, the beach corridor development is underway near the proposed airport which will provide impetus to retail and hospitality sectors. In February 2019, the GAL emerged as the highest bidder for the project on a PPP basis, a release issued by the company said.
