GVK has diversified interests across various sectors including energy, airports and life sciences.
"While GMR offered 10.44 percentage of revenue share, GVK has offered 12.60 percentage of revenue share, thus winning the bid," the City and Industrial and Development Corporation or Cidco said in a statement.
GVK-led Mumbai International Airport beat GMR Infrastructure, which runs the country's largest airport in Delhi, to emerge winner in the bid to develop the Rs 16,000-crore airport in Navi Mumbai. (Read more)
The two companies had on Monday submitted their bids to Cidco after the authority granted two extensions. The government approved building the Navi Mumbai airport as early as 2007, but the project ran into inordinate delay arising out of environmental concerns and land acquisition issues.
GVK Power & Infra shares saw a multi-fold spurt in trading volumes.
At 10:00 a.m., 59.5 lakh GVK Power shares had changed hands as against a two-week average of 11.75 lakh. GVK Power shares were trading 9.85 per cent higher at Rs 7.25 apiece, while GMR Infra was down 3.22 per cent on the BSE, compared with a 0.02 per cent loss in the broader Sensex index.
GMR Infrastructure had post-market hours on Tuesday reported a standalone net loss of Rs 381.93 crore for the quarter ended December 2016, as against a net profit of Rs 40 crore for the corresponding period a year ago. Total Income decreased to Rs 225.97 crore during the quarter under review, from Rs 298.72 crore a year ago, it said in a filing to the BSE.
The GVK conglomerate has diversified interests across various sectors including energy, resources, airports, transportation, hospitality and life sciences.
(With inputs from PTI)
