After winning the contract for modernising Sabiha Gokcen International Airport at Istanbul in Turkey, the Hyderabad-based GMR Group is now planning to bid for airport projects in Belgium, Portugal and other east European countries.

The company would bid for these projects either with private equity firms or local real estate developers. GMR group companies are studying the various infrastructural projects in the region and are in the process of identifying the right projects.

As GMR has already made its presence felt in Europe by bagging the Istanbul airport contract, it is now looking at nearby countries. These countries are expected to open airport operations for private players shortly.

It would, however, be very careful in choosing its bidding partner. GMR and Fraport, both part of the consortium developing the Delhi airport, bid for the Istanbul project separately.

Earlier GMR roped in foreign airport developers and operators such as Fraport and Eraman Malaysia because the company didn't have prior experience of executing projects. But now the company has enough experience to handle such projects and has already built a greenfield airport in Hyderabad which would be operational in March next year. The company is also developing and operating the country's second busiest Delhi airport.

GMR would fund its projects through a mix of equity and debt. The company is expected to spend US$1.5 billion by 2010 for modernising the Delhi airport. It also plans to bid for city side development of 24 non-metro airports in the country.

Delhi International Airport (DIAL) director G Subba Rao said the airport would like to participate in all airport-related activities within the country as well as outside the country and are currently evaluating the various projects the government wants to develop on a public-private partnership basis.

GMR is also planning to bid for Greater Noida airport for which it has the first right of refusal. Tender for the airport is likely to be invited after 2008.