GMR Infrastructure to concentrate on larger airports

GMR Infrastructure chairman G.M. Rao has indicated the group is to focus its attention on only those airports with traffic of more than five million passengers per year. The strategy will involve monitoring airport opportunities both within and outside India.

Indian infrastructure investor GMR Infrastructure is to focus its attention on investing in large airports, according to its chairman.

Speaking to reporters, G.M. Rao said the group is going to avoid smaller airport projects, concentrating rather on those with traffic of at least five million passengers each year. He added that GMR Infrastructure is interested in developing as well as operating airports, with a strategy that includes airports both inside and outside India.

GMR Infrastructure currently operates Delhi International Airport and Hyderabad International Airport in India. The company's net worth is around $1.69 billion.

Last month GMR Infrastructure took part in a transaction with IDFC Private Equity, which will involve IDFC parting with a stake in Delhi airport in return a stake in GMR Infrastructure.

Last week GMR Infrastructure posted its financial results for the first three months of the year, with consolidated net profit up over six percent to INR 532.4 million (€8 million; $11 million). Its airports, energy and road divisions all experienced a rise in earnings during the period.