GMR’s modernization work at Delhi airport deals with financial crisis
Monday, January 5, 2009 12:08 pmBy ShareGyan.com NewsDesk
The operator of New Delhi’s Indira Gandhi International Airport — Delhi International Airport, a GMR Infrastructure led consortium which manages the work has warned civil aviation ministry that the modernization work at the airport will come to a close down in 45 days if the consortium is not able to raise funds. The cost of the project is Rs 8,8901 crore.
The problem occurred due to the economic slowdown in the worldwide economy. It worsened with banks backing off from releasing agreed-to amounts and GMR’s difficulty in raising the necessary funds required due to the cash crisis in the real estate sector.
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