Shares of GMR Airports Infrastructure Ltd were trading 6% higher on 22 December after the company’s subsidiary announced inking a deal with NIIF to develop and operate the Bhogapuram International Airport.

In its regulatory filing, the company said that its subsidiary GMR Airports Limited and NIIF (National Investment and Infrastructure Fund) have entered into an agreement for NIIF to invest Rs 675 crore in GMR Visakhapatnam International Airport Limited, a special purpose vehicle to develop and operate the Bhogapuram International Airport.

GBS Raju, Business Chairman – Airports, GMR Group, said, “The new Bhogapuram airport and airport city will help in the transformation of Visakhapatnam and will place it on the global map as the most preferred investment destination. Our growing partnership with NIIF is a further testament of GMR’s credibility as an Airport Infrastructure developer and the future of the Aviation industry in the country.”

GMR Visakhapatnam International Airport Limited was awarded the concession to develop and operate the greenfield Bhogapuram International Airport to the north of Visakhapatnam.

At 12:50 pm, the shares of GMR Airports were trading 2.25% higher at Rs 75.05 on NSE.