GMR Airports Limited (GAL), a subsidiary of GMR Infrastructure Limited, today announced it has signed concession agreement with Kannur International Airport Limited (KIAL) to develop, operate, maintain and manage the Duty-Free outlets at Kannur International Airport on an exclusive basis.
Under the concession agreement, GAL would design, finance and operate the DutyFree shops at Kannur International Airport for a period of 7 years, which is extendable by 3 more years. This is the first Duty Free concession outside GMR's airport portfolio.
With its high quality beaches, abundant forestry and wildlife, Kannur is a popular tourism destination of Kerala. A significant number of diaspora from the Kannur region works in the Middle East, and Kannur international airport caters to their flying requirements.
"We are very happy to be partnering with KIAL to develop, operate and manage the Duty Free outlets at Kannur International Airport. As one of the leading private airport developer-operators globally, GMR Airports has a strong track record of creating and delivering world-class airports and airport travel retail offerings including Duty Free outlets at major airports such as Delhi and Hyderabad. We are excited about the potential of Kannur International Airport and our aim is to bring best-in-class brands, offers and shopping experience to our passengers that are on par with the best globally" said SGK Kishore, Executive Director – South, GMR Airports.
The Kannur airport began its commercial operations in December 2018. It achieved a significant milestone of 1 million passengers in just nine months after its commissioning. It handled around 1.14 million passengers between April 2019 and November 2019, of which around 0.54 million were international.
Kannur is an important city in the state of Kerala. The city is the administrative headquarters of the Kannur District and situated 518 km north of the state capital Thiruvananthapuram.
Shares of GMR INFRASTRUCTURE LTD. was last trading in BSE at Rs.23.55 as compared to the previous close of Rs. 23.85. The total number of shares traded during the day was 619406 in over 1081 trades.
The stock hit an intraday high of Rs. 24.1 and intraday low of 23.45. The net turnover during the day was Rs. 14660971.