The concession agreement was signed after the consortium paid $320 million as upfront premium.
According to a statement from GMR Infrastructure, this marks the beginning of a transition phase before the operations of MCIA are formally handed over to GMR-Megawide later in the year.
After giving a bid of $320 million, the GMR-Megawide consortium had emerged as the highest bidder for the MCIA project in the international bidding process, which culminated in December. DOTC had formally issued the Letter of Award to the consortium on April 4.
23/04/14 Business Standard