TAV Urban Georgia to manage Tbilisi airport until end of 2037
Georgia, Tbilisi Aug 28 /Trend N.Kirtzkhalia/
The Turkish company which manages Tbilisi International Airport said it plans to invest $65 million in the reconstruction of the runway and in exchange will receive the rights to manage the airport until the end of 2037.
The company, TAV Airports Holding which owns a 76 per cent stake in the TAV Urban Georgia - Tbilisi International Airport operator, has reached an agreement with the state owned Company Union airports of Georgia on the reconstruction of the unused runway. One of the two runways at the Tbilisi airport isn't in use.
TAV Airports Holding noted that the management rights of TAV Urban Georgia are extended from 10 years and nine months under an existing agreement to November 8, 2037 in exchange for the planned investment.
According to the company it is planned to receive investment necessary for the reconstruction of the runway from September 2012 and the completion of the project is expected in less than two years.
TAV has been managing Tbilisi International Airport since October 2005.