The consortium that won the rights to operate the international airport in the Brazilian city of Rio de Janeiro said it planned to build 26 new gates to double the facility's capacity to handle passengers by 2016.
"We are going to restore Rio residents' pride in being the gateway to Brazil," Rio Galeao group president Luiz Rocha said.
Rio Galeao plans to invest in the airport until the next Summer Olympic Games, which Rio will host in 2016, Rocha said.
The consortium plans to invest 2 billion reais (about $909.1 million) over the next two years to build 26 gates in the airport's second terminal, 68 airline counters, 47 ground slots for planes and 2,700 additional parking spaces, the executive said.
The initial investment is needed to handle passengers traveling to Rio for the Olympics, but the company plans to invest another 3 billion reais (about $1.36 billion) after the international sports event, Rocha said.
Rio Galeao took control of the airport on Tuesday, but there will be a six-month transition period as it takes over management of the facility from state-owned Infraero, which manages Brazil's airports. EFE