MARG LIMITED SIGNS PROJECT DEVELOPMENT AGREEMENT WITH THE GOVERNMENT OF KARNATAKA FOR BIJAPUR AIRPORT
Chennai, January 18, 2010: MARG Limited, India's leading diversified infrastructure development company, today at Vikasa Soudha, Bangalore, signed a Project Development Agreement with the Government of Karnataka for Bijapur Airport. The memorandum of understanding (MoU) was signed by Smt. N. Manjula Geetha, Under Secretary, Infrastructure Development Department (IDD) on behalf of the Government of Karnataka, and Mr. GRK Reddy, Chairman & Managing Director, MARG Ltd., in the august presence of Sri G. Janardhana Reddy, Honb'le Minister for Infrastructure Development and Tourism, and Sri Govind M. Karjol, Honb'le Minister for Minor Irrigation and District in charge, Bijapur.
MARG was awarded the contract for Bijapur Airport in November 2008 by the Government of Karnataka, for the development of airside and other city side commercial amenities. The airport, which will come up on 727.04 acres of land on a Build-Operate-Transfer (BOT) basis for a total period of 90 years, can be extended at the end of every 30 years, based on a mutual consent by the Government of Karnataka and MARG Ltd.
Speaking on the occasion, Mr GRK Reddy, CMD, MARG Ltd., said "It's our great pleasure to be a partner with the Government of Karnataka to develop a world class airport in Bijapur. At MARG, we believe in identifying opportunities to strategize, support and cater to the global and domestic markets, while aligning with India's infrastructural needs."
The Airside development of Bijapur Airport will include a Terminal building spanning 2500 Sq.M designed to handle 100 passengers during peak hour, a 1700Mx30M dimension runway to support ATR 72 range aircrafts, aprons, taxiways, hangers, isolated parking bay, an air traffic control tower with a height of 15M, Ground Support Equipment, fuel form and fire station.
The development on the city side will comprise an Aviation Engineering College, a Pilot Training Institute, which consists of Helicopter training facilities, Gliding Club, Hotel with about 50 rooms and cold storage facility in Phase I. The total cost of the project during the development of Phase I is estimated at Rs 200 Crores. MARG will develop the entire required infrastructure for the project, which is expected to be completed in 2012.
About MARG Limited:
MARG Ltd., is among India's leading diversified infrastructure development companies. Established in 1994, MARG Ltd. is listed on the Bombay Stock Exchange.
Headquartered in Chennai, MARG Limited is promoted by the first-generation entrepreneur Mr. G R K Reddy.
The company pioneered infrastructure development on the Chennai IT Corridor. The company's business roadmap encompasses 4 verticals – EPC Contracting – which has over 500 man years of technical experience in handling deep excavation works, high rise buildings, Power sub-stations, High power (above 132 KV) transmission lines, Marine Infrastructure, Industrial Clusters and Living Spaces.
Marine Infrastructure handles Ports & Logistics, Dredging & Fishing Harbours; Industrial Clusters – for SEZs and Industrial Townships, Airports, Power projects; and Real Estate - to develop commercial and residential spaces. Under the real estate commercial vertical, MARG has already developed over 1 million sq ft of commercial space for clients like TCS, Scope International, among others. The company had recently launched, MARG ProperTies, the umbrella brand for all offerings in the living spaces/homes segment. MARG ProperTies,as the residential arm of MARG, will offer value enriched homes, showcasing a wide range of options for everyone to fulfil their home aspirations.
The company's key projects include Karaikal Port, MARG Swarnabhoomi, MARG Junction - Mall, and Bijapur Airport.
The company's esteemed clientele include Scope International (Standard Chartered Bank), TATA Consultancy Services, BHEL, Enercon India, Slash Support Systems, L&T, Indian Railways and Elcot, among others.