GMR Infra, which on Friday had closed at Rs.42.65, opened flat today but soon hit a new 52-week high at Rs.46.70, just a tad away from the 10% UC of the day at Rs.46.90.

The stock is up after it announced that GMR Airports Netherlands B.V., a step down subsidiary of GMR Airports Limited (GAL), on December 23, 2021, signed the Shareholders’ Agreement (SHA) and Share Subscription Agreement (SSA) with Angkasa Pura II (AP II) for the development and operation of Kualanamu International Airport (Project) in Medan, Indonesia.

The letter of award for the project was received on 23rd November 2021.

With the signing of the agreements, GMR enters into 49:51 partnership with APII, the state owned enterprise and the bidding authority for the Kualanamu International Airport.

The consortium will transform Kualanamu International Airport into Western International hub of Indonesia.

The project scope includes operation, development and expansion of the airport over a period of 25 years.  Kualanamu International Airport is an operating Airport with healthy cash flows.