Meet man with Rs 31554 crore net worth, who operates India’s largest airport, now set to develop cargo city in…; he is…
The cargo city project involves developing state-of-the-art cargo and logistics facilities over a total of 50.5 acres land.
GM Rao is one of the richest men in India, who runs GMR Group, a global infrastructure company. He is an airport tycoon and controls the listed airports operator GMR Airports Ltd. The Indian billionaire runs India’s largest airport — The Indira Gandhi International Airport (IGIA) — which is operated by the Delhi International Airport Ltd (DIAL), a subsidiary of GMR Airports. Besides, his company also operates Hyderabad and Goa airports.
Now, his GMR Airports will be developing a cargo city spread over 50.5 acres of land at the Delhi airport. According to a regulatory filing, the cargo city project involves developing state-of-the-art cargo and logistics facilities over a total of 50.5 acres land within the IGIA, which includes a 10-acre optional land parcel that may be taken up in the future.
Who is GM Rao?
Born in Andhra Pradesh, the 75-year-old is a billionaire industrialist and the founder chairman of GMR Group. His full name is Grandhi Mallikarjuna Rao. The Indian billionaire also has a 50 per cent stake in the IPL cricket team Delhi Capitals.
After graduating from Andhra University, Rao joined a paper mill as a shift engineer and then joined the PWD in Andhra Pradesh as a junior engineer. A former jute trader, Rao explored every business opportunity that came his way before India’s economic liberalisation. He split from family and moved into banking, later into infrastructure.
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GM Rao’s net worth
Rao is one of the richest people in India. According to Forbes, he has a real-time net worth of USD 3.6 billion (Rs 31554 crore). His GMR Airports has a market cap of Rs 95747 crore as of August 14. His GMR Group opened the GMR School of Aviation in Hyderabad in partnership with European aircraft maker Airbus in January 2024. Now, his firm is set to make a cargo city at Delhi Airport. In this regard, GMR Airports has received a Letter of Intent to Award (LOIA) for the project from DIAL
