GMR Infra is up the green. The stock price hit an intra day high at Rs.14.30, up over 9% and is now at Rs.13.48, up some 3%.

The company announced on Saturday that GMR Airports, a subsidiary of GMR Infrastructure has won the international competitive bid for development and operation of Mopa Greenfield Airport in North Goa.

The company is going to build this airport on BOT (Build Operate Transfer) model and the concession period for the said project will be 40 years with a possible extension of another 20 years through a bid process.

The letter of award is expected to be issued within 60 days, while signing of concession agreement will be one within 45 days from the date of issuance of award letter.

GMR was the highest bidder in this process, with Airports Authority of India coming in second and Essel Infrastructure as third.

The regulatory regime for the concession will be hybrid till with 30% cross subsidy. The concession offers 232 acres of land for commercial city side development for a period of 60 years.