BANGALORE: GMR Infrastructure has withdrawn its bid for contracts to modernise three airports in Brazil, but is planning to participate in the second round of privatisation there, a top company official said.
GMR, a developer of airports, power stations and roads, had said in December that it had bid for renovation and expansion projects at Sao Paulo's Guarulhos airport, Viracopos airport near Sao Paulo, and Brasilia airport, which serves Brazil's capital. Over 10 consortiums participated in the bidding, which ended on Thursday.
"We entered the country fairly late and started looking at these opportunities only about four months back. When it came to the final stage, we felt that we are not fully prepared," said Sidharath Kapur, chief financial officer of GMR's airport business.
The company, however, plans to participate the second round of bidding, which is expected in June. "The next round is expected to include a project to modernise and expand Rio deJaneiro's airport, and we are working to participate in it," Kapur said.
GMR Infrastructure's shares closed 1.16% lower at Rs 29.70 on the Bombay Stock Exchange on Friday. The Bangalore-based company, which operates the Delhi and Hyderabad airports in India, is currently upgrading the international Airport in Male, Maldives.
The infrastructure company had earlier abandoned two airports privatisation projects in Spain and Croatia because of the Euro zone crisis. GMR's airport division posted a secondquarter loss of Rs 165 crore, hurt by delays in tariff revision at its Delhi project.
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