GMR ends airport interest

A CONSORTIUM that includes India’s GMR Group is selling its business developing and operating the Philippines’ second-largest airport for 25 billion pesos (£381.7 million), its Filipino partner announced last Friday (2).

The consortium of GMR Group and the Philippines’ Megawide Construction Corp will sell its interests to operate the Mactan-Cebu International Airport to Aboitiz InfraCapital Inc, a unit of a family-owned conglomerate. The listed parent firm, Aboitiz Equity Ventures, confirmed the deal in a separate disclosure.

The Philippine government in 2014 awarded a 25-year concession to GMR and Megawide to operate and expand the main gateway to the central city of Cebu, the country’s secondlargest city after Manila.