"We are technically the highest qualified and between the first and the second bidder there is only 2.5 per cent difference. We are waiting for their clearances," GMR Group Chairman G M Rao told reporters after meeting Finance Minister P Chidambaram here.
Also read: IRB Infra emerges preferred bidder in Solapur road project
"We are highest technically qualified as well as the highest bidder. It is a process. It will happen soon," he said when asked how confident he was about winning the bid. GMR Infrastructure is part of a consortium led by Philippines-based construction company Megawide Construction which submitted a bid of 14.4 billion Philippine pesos or around USD 326 million.
In the bids which opened last week, it defeated Filinvest-CAI consortium that includes Singapore's Changi Airport.
If the GMR consortium qualifies for this bid, it would be its third venture in the global market after Istanbul and Maldives. However, the Maldives project ran into trouble with changing regimes in the country and GMR had to surrender it. Following this, it went into arbitration in Singapore seeking compensation of USD 1.4 billion for the "wrongful termination" of a 25-year contract to develop and operate the Male airport.
Asked by when he expected the arbitration proceedings to culminate, Rao said he expected the final verdict "by May next year." On Indian airport privatisation, he said GMR has participated in both Indian and international projects.
"We have not yet finalised which Indian airports we are interested in. We will definitely participate in the process of privatisation of Indian airports," he said, adding: "our policy is whenever there is a transparent bid, we will participate."
GMR Infra stock price
On December 18, 2013, GMR Infrastructure closed at Rs 21.45, up Rs 0.10, or 0.47 percent. The 52-week high of the share was Rs 25.00 and the 52-week low was Rs 10.65.
The company's trailing 12-month (TTM) EPS was at Rs 0.12 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 178.75. The latest book value of the company is Rs 18.46 per share. At current value, the price-to-book value of the company is 1.16.
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