Shares of GMR Infra rose 9 per cent on Monday after the company said that it has won the international competitive bid for development and operation of Mopa Greenfield Airport in North Goa.
GMR Group owns and operates India's Delhi Airport which is presently ranked as World's No.1 airport in the passenger category.
GMR won the bid through a closely contested competitive bid process with Airports Authority emerging as the second highest bidder followed by the consortium of Essel InfraIncheon emerging third.
"The concession period for the Greenfield project will be 40 years with a possible extension of another 20 years through a bid process. The airport will be built under the BOT (Build Operate Transfer) model", the company said in the filing.
The letter of award is expected to be issued within 60 days, while signing of concession agreement will be done within 45 days from the date of issuance of award letter.
Shares of GMR Infra were seen trading at Rs 13.49 higher by 3.13 per cent on BSE at 11.53 am IST. It touched an intra-day high of Rs 14.30 during trade.