GMR Infrastructure, the infrastructure holding company of GMR group, announced that its joint venture with Megawide Construction Corp. of Philippines, GMR Megawide Cebu Airport Corp., today broke ground for the construction of Mactan-Cebu International Airport (MCIA) Terminal 2, which is expected to be completed by 2018.

GMR Infra JV won the contract to expand and modernise Macton-Cebu airport on BOT basis for 25 years. GMR Infra is the designated operator for the airport and the Company officially took over the responsibility of operations of the airport on November 1, 2014.

Shares of the company declined Rs 0.5, or 3.44%, to settle  at  Rs 14.03.  The total volume of shares traded  was  1,077,700 at  the BSE (Monday).