GMR Infrastructure and Megawide to bid for Mactan-Cebu project

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India's GMR Infrastructure has signed an agreement with Philippine firm Megawide Construction Corp to jointly bid for the Mactan-Cebu International Airport expansion project.

The two companies agreed in a memorandum of understanding to form a joint venture should they be awarded the project, Megawide said in a disclosure on the Philippine Stock Exchange.

Besides these two companies, Philippine conglomerates JG Summit and Metro Pacific Investments Corp have also formed a partnership to bid for the project. San Miguel Corp, which holds a 49% stake in flag carrier Philippine Airlines and its low-cost partner Air Philippines, has also confirmed that it will bid for the project.

The Mactan-Cebu airport project involves the construction of a new passenger terminal, which will have the capacity to handle 8 million passengers annually. It also includes the operation of the airport's old and new facilities.

The airport handles the second highest passenger traffic in the country, behind Manila's Ninoy Aquino International Airport.

GMR was involved in the construction of the Hyderabad International Airport and the expansion and modernisation of the New Delhi airport.