GMR Airports Limited (GAL), a subsidiary of GMR Airports Infrastructure Limited, has entered into an agreement with NIIF (National Investment and Infrastructure Fund) for NIIF to invest up to Rs. 675 crore in GMR Visakhapatnam International Airport Limited (GVIAL). This investment is part of a financial partnership announced on December 7, 2022. GVIAL was awarded the concession to develop and operate Bhogapuram International Airport, which is set to become the largest airport in Andhra Pradesh. The transaction is subject to customary conditions and approvals.
Bhogapuram International Airport (BIA) will enhance air travel potential in the Visakhapatnam region and boost connectivity in northern Andhra Pradesh. It aligns with national priorities of strengthening air travel penetration to Tier 2 and Tier 3 cities. GBS Raju, Business Chairman – Airports, GMR Group, expressed confidence in replicating the success of Hyderabad Airport and highlighted the airport’s role in the socio-economic growth of Andhra Pradesh.
Vinod Giri, Managing Partner – Master Fund, National Investment and Infrastructure Fund Limited, believes that Bhogapuram International Airport will play a pivotal role in the economic progress of Andhra Pradesh. NIIF’s investment in GVIAL is their second airport project, demonstrating their commitment to India’s National Infrastructure Pipeline.
