GMR withdraws Croatia airport bid, looks to Brazil

GMR Infrastructure has withdrawn its bid to modernise and expand an airport in Croatia, but is preparing to bid on similar projects in Brazil, a company official said.

"Croatia, we evaluated, then we decided not to go ahead. Looking at the project's economics, they were not working out," the official, who declined to be identified, told Reuters.

GMR, which built and operates Istanbul airport in Turkey and is building an airport in Male, Maldives, said in August it had qualified to bid on the Zagreb Airport project.

The company is now looking at placing bids for airport modernisation projects in Brazil, the company official said on Tuesday.

 

The Brazilian government plans to modernise and expand Sao Paulo's Guarulhos airport, Viracopos airport near Sao Paulo, and Brasilia airport, serving Brazil's capital.

"We are evaluating all the three airports and then we will take a call," the official said.

The deadline for the bids is February 2, he added.

GMR is in discussions with construction and infrastructure firms in Brazil but has yet to decide on a possible joint bid, the official said.

"It can be one partner, it can be more than one or consortium of two or more," he added.

In India, GMR built and operates airports serving New Delhi and Hyderabad.

Shares in GMR closed up 5.66% at Rs 28.95. The overall market closed up 1.46% after the RBI cut cash reserve requirements for banks, signaling a policy shift towards reviving growth.