DELHI
India’s GMR Infrastructure Ltd and its consortium partner Philippines’ Megawide Construction Corp have been awarded a 25-year concession contract for the development of the Mactan-Cebu International Airport, three months after their bid of 14.4 billion Philippine Pesos ($320 million) emerged to be the highest bid beating six other competing bidders.
The total construction cost for the project is an additional $380 million, taking the total investment for the project to $700 million approximately, a GMRBSE 0.65 % spokesperson said.
The awarding of the contract was held up for three months as rivals alleged conflict of interest issue against the GMR-Megawide consortium.
Full report here Economic Times
