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India's GMR to run Male' International airport
The Indian giant on infrastructure, GMR will run the Male' International airport for the next 25 years.
The GMR Infrastructure Limited won the privatization bid for the airport, of the three shortlisted companies.
"GMR, which offered US$78 million in upfront, will expand, modernize and operate Malé International Airport for 25 years," the President's Office said.
The company offered US$78 million in upfront, and it will "expand, modernize and operate Malé International Airport for 25 years."
The GMR offered to pay one per cent of the total profit in the first year until 2014, and 10 per cent of the profit from 2015 to 2035.
The company also offered to pay 15 percent of fuel trade revenues in the first four years and 27 percent from 2015 to 2035.
The other two shortlisted parties for the bid are TAV Airports Holdings Company of Turkey and Unique (Flughafen Zurich AG)-GVK Airport Developers Limited (GVK).
In his weekly radio address, President Mohamed Nasheed said the privatisation will "boost revenue and expand services and facilities at the airport."
The airport requires much improvement, expansion of runway and development of the terminal.
With privatization, government would be able to save over US$300 million in investments, Nasheed said.
The tender process for the airport began in October 2009, to modernise the airport.
Nasheed said the International Financial Corporation, a member of the World Bank Group, worked with the government throughout the tender process.
Hence, Nasheed was confident the tender process was transparent and ensured there was no room for corruption.
The IFC has attracted private investment for Queen Alia International Airport in Jordan, King Abdulaziz International Airport in Saudi Arabia, and national airlines such as Air Vanuatu, Kenya Airways, and Polynesian Airlines.
India's GMR to run Male' International airport | Asian Tribune
The Indian giant on infrastructure, GMR will run the Male' International airport for the next 25 years.
The GMR Infrastructure Limited won the privatization bid for the airport, of the three shortlisted companies.
"GMR, which offered US$78 million in upfront, will expand, modernize and operate Malé International Airport for 25 years," the President's Office said.
The company offered US$78 million in upfront, and it will "expand, modernize and operate Malé International Airport for 25 years."
The GMR offered to pay one per cent of the total profit in the first year until 2014, and 10 per cent of the profit from 2015 to 2035.
The company also offered to pay 15 percent of fuel trade revenues in the first four years and 27 percent from 2015 to 2035.
The other two shortlisted parties for the bid are TAV Airports Holdings Company of Turkey and Unique (Flughafen Zurich AG)-GVK Airport Developers Limited (GVK).
In his weekly radio address, President Mohamed Nasheed said the privatisation will "boost revenue and expand services and facilities at the airport."
The airport requires much improvement, expansion of runway and development of the terminal.
With privatization, government would be able to save over US$300 million in investments, Nasheed said.
The tender process for the airport began in October 2009, to modernise the airport.
Nasheed said the International Financial Corporation, a member of the World Bank Group, worked with the government throughout the tender process.
Hence, Nasheed was confident the tender process was transparent and ensured there was no room for corruption.
The IFC has attracted private investment for Queen Alia International Airport in Jordan, King Abdulaziz International Airport in Saudi Arabia, and national airlines such as Air Vanuatu, Kenya Airways, and Polynesian Airlines.
India's GMR to run Male' International airport | Asian Tribune
