Looking to develop retail assets at Delhi airport land: GMR

GMR Infrastructure today said its subsidiary DIAL has shortlisted players for submitting financial bids in order to develop retail assets on nearly 23 acres of land at the Delhi airport.
Delhi International Airport (Pvt) Ltd (DIAL), a joint venture where GMR group is the majority stakeholder, is operating the airport in the national capital. Other stakeholders are Airports Authority of India and Germany's Fraport.
In a regulatory filing, GMR Infrastructure said DIAL has initiated a two-stage international competitive bidding process for "development of retail assets on approximately 23 acres of land at the Delhi airport".
The Request for Qualification (RFQ), the first stage of the bidding process, was initiated on November 5, 2015. Applications from entities with relevant experience and financial capacity were sought.

"The second stage of the bidding process was initiated on April 6, 2016, whereby the RFP documents have been shared with the shortlisted players inviting them to submit their financial proposals," the filing said.
Sources said as many as five leading realty players, including DLF, have been shortlisted for submitting the financial bids.

The proposal is for developing retail complex of over two million sq feet at the land available with DIAL, they added.
According to them, in the financial bids, the shortlisted players need to provide details about the upfront payment as well as the revenue sharing formula.
Currently, GMR holds 64 per cent in the airport venture while Fraport has 10 per cent and the remaining 26 per cent shareholding is with AAI.

The GMR-led consortium was awarded the concession to operate, manage and develop the Indira Gandhi International Airport here in January 2006. It inked the Operations, Management and Development Agreement (OMDA) in April, 2006.
DIAL is a special purpose vehicle formed to carry out development, operation and management of the Delhi airport.