Bhogapuram International Airport, also known as GMR Visakhapatnam International Airport, is a greenfield airport currently under development, 40 km to the northeast of Visakhapatnam in the Vizianagaram district. As per recent reports, a loan of ₹4000 crore has been secured for the Bhogapuram Airport.
Bhogapuram International Airport: The Greenfield Airport Of Andhra Pradesh
This airport, with an area of 2,200 acres, is located in Bhogapuram, which is around 50 km from Visakhapatnam. It is anticipated to have a significant impact on the growth of the state. In addition to this, there will be an increase in tourism in the northern Andhra Pradesh region. To finance the development of a brand-new, greenfield international airport in Vizag, GMR has obtained a loan in the amount of ₹4,000 crore.
The Bhogapuram Greenfield International Airport’s foundation was officially set on May 3 by Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy. A 100 per cent subsidiary of GMR Airports Ltd (GAL), GMR Visakhapatnam International Airport Ltd (GVIAL) is the concessionaire for the construction and management of Bhogapuram Airport, which is close to Visakhapatnam.
The project entails planning, financing, building, developing, operating, and maintaining the airport for a minimum of 40 years with a 20-year extension option. The construction of a brand-new airport in the thriving coastal city of Andhra Pradesh. Also, it has a significant port and a steel mill. Moreover, it is a strategic move by GMR to grow its aviation infrastructure business.
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This approach comes two years after a restructure that split the company’s revenue streams from airports and non-airports into two separate listed organisations.
GMR’s 4th Significant Airport
The airport in Vizag will be GMR’s fourth significant airport in India, joining those in Delhi, Hyderabad, and Goa. Moreover, the project is expected to cost ₹4,592 crore. The India Infrastructure Finance Company (IIFCL) is leading a consortium. And it is organising the financing for GMR’s most recent airport project.
According to The Economic Times report, the project will be carried out in three stages. In fact, the first stage is able to accommodate 6 million passengers yearly. According to PR Jaishankar, managing director of IIFCL, the company has been active in financing greenfield airports across the country.
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It is estimated that the project will be able to accommodate 40 million passengers per year.
Cover Image Courtesy: Hyderabad Real Estate/ X
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