GMR Airports Ltd has received a Letter of Award (LoA) on Friday, March 13, from Delhi International Airport Ltd (DIAL) after emerging as the selected bidder to upgrade, modernise, and operate Cargo Terminal 1 at Indira Gandhi International Airport in New Delhi.
In a regulatory filing, the company said the concession involves upgrading, financing, operating, managing and maintaining the terminal under the Delhi Cargo Terminal 1 Concession.
The development follows a directive from the Ministry of Civil Aviation, after which DIAL terminated its earlier cargo concession agreement with Celebi on May 15, 2025. The concession was then temporarily assigned to GMR Airports to ensure continuity of cargo operations at the airport.
Subsequently, DIAL initiated a competitive bidding process in November 2025, in line with the concession agreement between DIAL and the Airports Authority of India. GMR Airports participated in the bidding and has now been selected as the successful bidder.
Under the terms of the project, the concession will operate on a revenue-share model, with payments made to DIAL for an initial period extending up to 2036. The company estimates that the revenue share in the first full year of operations will be around ₹340 crore.
GMR Airports noted that the transaction qualifies as a related-party transaction, but said it has been carried out on an arm’s-length basis. Promoters or group companies do not have any direct interest in the deal other than their indirect shareholding in both DIAL and GMR Airports, the company added.
Shares of GMR Airports Ltd ended lower on Friday, March 13, by 3.96% at ₹89.60 on the NSE.
