GMR Infrastructure, which has bagged the expansion and management contract for the Male International Airport, said it would invest $400 million on the mega project over the next four years.

GMR chief G M Rao told reporters today that the GMR Infrastructure-Malaysian Airports consortium would invest around $400 million over four years to build, operate, modernise and expand the Male International Airport (MIA).
 
Responding to a question, Rao said the project valued at $300 million would be financed through a 75:25 debt-equity ratio. The State Bank of India and other banks would provide the finance, he added.

He said the financial closure would happen in the next six months and it would take about four years to complete the project, which would include building a large seaplane port to house about 40 such aircraft.

GMR holds a 77 per cent stake while Malaysian Airports holds the balance 23 per cent in the consortium.

On project completion, GMR-led consortium would operate the Male Airport on a 25-year lease.

"Work on the project would start in another six months," Rao said.

This is GMR's second major international airport project after Sabiha Gokcen airport in Istanbul.

Additionally, GMR has also won a contract for modernisation and operation of the Hanimaadhoo airport in north Maldives, with which GMR has five airports in its portfolio.

The consortium has also bid for the Goa airport modernisation project.

The GMR-Malaysian Airports consortium bagged the Male project against competition from two major bidders - Aeroport De Paris, France-TAV, Turkey consortium and the Zurich Airport- GVK consortium.

In addition to a seaplane port, the Male Airport will have a capacity for handling 5 million passengers annually. It would have 12 aircraft bays. The project, involving operation, maintenance, expansion, rehabilitation and modernisation of the existing airport, would be completed by 2014.