The concession period for the project will be 40 years, with a possible extension of another 20 years through bidding.
The airport will be built under the BOT (Build Operate Transfer) model. GMR won the bid on Friday through a closely contested competitive bid process with Airports Authority emerging as the second highest bidder followed by the consortium of Essel Infra-Incheon.
According to a press statement issued by the GMR Group, the successful bid will help reinforce its credentials as the largest airport developer and operator in India and one of the top five private airport developers across the world.
Chairman Airports, GMR Group, Srinivas Bommidala, said: "GMR Airports Limited is delighted to have won the bid for the development and operation of Mopa Greenfield airport in Goa. We take this opportunity to reiterate our commitment to contributing to infrastructure development of India and assure the central and state governments that we will deliver an airport worthy of the state of Goa well within the project timelines."
The concession in Goa offers 232 acres of land for commercial city-side development for a period of 60 years. The letter of award from the Goa government is expected to be issued within 60 days, while signing of concession agreement will be done within 45 days from the date the award letter is issued.
The GMR Group also owns and operates Delhi's Indira Gandhi International Airport which is presently ranked as world's top airport in its passenger category, as well as Hyderabad airport, which has been consistently ranked among the world's top three in its category over the last seven years, the statement said.
GMR Infrastructure, in partnership with Megawide Construction Corporation, is also developing Mactan Cebu International Airport (MCIA) in Philippines, the communique also said.
