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Airport acquires stake in Credence

In a significant move, the GMR Hyderabad International Airport Ltd (GHIAL) has acquired 51% stake in Credence Cargo Private Ltd. The remaining 49% is held by Menzies Aviation Plc of the UK.

Credence Cargo's day-to-day operations will be handled by Menzies, which had obtained the contract to develop cargo handling infrastructure including warehouse on a build, operate and own basis.

GHIAL had entered into a contract agreement with Menzies in May 2006 to develop cargo terminal on a plot of 3.5 acres at the new international airport with an estimated cost of Rs 50 crore. The infrastructure proposed can handle 100,000 tonne of cargo per annum. As of now, the existing old airport handles about 40,000 tonne of cargo annually.

Source: Financial Express