GMR Airports announced the formation of a special purpose vehicle, GMR Cargo and Logistics Ltd, on Friday to spearhead the cargo city project at Indira Gandhi International Airport (IGIA) in New Delhi.
The regulatory filing revealed the incorporation of this SPV on September 11, aimed at executing the cargo city project and exploring other logistics-related opportunities.
The project was delegated by Delhi International Airport Ltd (DIAL), a subsidiary overseeing IGIA operations, with the entity established as a wholly owned subsidiary with an initial capital infusion of Rs 10 crore.