GVK signs concession agreement with Cidco to develop Navi Mumbai international airport

Mumbai: GVK Power and Infrastructure (GVKPIL) on Monday said it has signed a concession agreement with Cidco to create a special purpose vehicle for developing the state’s much ambitious Navi Mumbai international airport.

GVK through its subsidiary, Mumbai International Airport (MIAL) holds 74 percent equity shares of the SPV- Navi Mumbai International Airport (NMIAL) while Cidco holds the balance 26 percent, the company said in a statement. The initial concession period is 30 years from the appointed date which is extendable for a further 10 years, it said.

The site for the new airport in Navi Mumbai. Reuters

The site for the new airport in Navi Mumbai. Reuters

“With the continued support of the Centre and Maharashtra government, Cidco and all our stakeholders, we are confident of creating and delivering the much needed second airport for the twin cities of Mumbai and Navi Mumbai,” company’s founder chairman and managing director GVK Reddy said.

MIAL was declared the successful bidder in February last year for the Navi Mumbai airport project and had received the letter of award from Cidco on 25 October 2017. The 16,000 crore greenfield airport will be built on 1,160 hectares on public private partnership mode.

The first phase of the airport is expected to be operational in 2019 and will be able to handle 10 million passengers annually. The new airport is estimated to handle 60 million passengers by 2030 when it is expected to operate at full capacity.


Updated Date: Jan 09, 2018 07:57 AM

Also Watch

Watch: Firstpost test rides the new Thunderbird 500X in Goa and walks you through the Royal Enfield Garage Cafe
  • Tuesday, April 17, 2018 Varun Dhawan on Shoojit Sircar's October, 5-star reviews and working with Anushka Sharma in Sui Dhaaga
  • Saturday, April 14, 2018 Ambedkar Jayanti: Re-visiting Babasaheb's ideals exposes fake Dalit politics of Rahul Gandhi and Congress
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See