Bangalore, 5 April-2014,Raghuvir Badrinath(BS):The Department of Transportation and Communications (DOTC), Republic of the Philippines has formally awarded the Mactan-Cebu International Airport’s rehabilitation, expansion and operation project to the GMR-Megawide Consortium for a 25-year concession period.
In the international competitive bidding process GMR-Megawide Consortium had emerged as the highest bidder after offering a bid premium of 14.4 billion Philippine Pesos (approximately $320 million).
Commenting on the award, G M Rao, Chairman, GMR Infrastructure Ltd said: “We are delighted to be awarded the Mactan-Cebu International Airport project. We firmly believe that GMR-Megawide Consortium has the right credentials and capabilities to undertake this prestigious project and deliver an airport that Cebuanos and Filipinos will be proud of.”
GMR-Megawide Consortium plans to develop the Mactan-Cebu International Airport into a regional hub in the Philippines, creating passenger and cargo traffic growth, jobs for local community, giving a boost to the tourism traffic and creating multiplier economic benefits for the region.
GMR had bid for the Mactan-Cebu airport project with Megawide Construction Corporation, one of Philippine’s leading construction firms listed on the Philippine Stock Exchange.