GVK Power Soars After Report Says Company Only Bidder For Airport Project

GVK Power & Infrastructure shares surged as much as 13.6 per cent to hit an intraday high of Rs 6.25 on the Bombay Stock Exchange after multiple reports suggested that the company emerged as the lone bidder for construction of a new airport in Navi Mumbai.

Three of the four companies shortlisted to build the much-delayed Rs 16,000-crore Navi Mumbai airport have pulled out, citing long-unresolved issues such an incomplete resettlement of families from the area, zero pre-development work and issues with the bid document, one of the reports said.

GVK Power & Infrastructure operates airports in Mumbai and Bangalore in India, and an airport in Indonesia.

The development will be positive for the company, according to analysts.

Bidders that have opted to stay out and won't be putting in financial bids for the airport include Tata Realty & Infrastructure, GMR Infrastructure the Hiranandani Group, according to the report.

At 1:00 p.m., GVK Power & Infrastructure shares traded 8.18 per cent higher at Rs 5.95, outperforming the Nifty which was trading on a flat note.