GVK signs concession agreement with Cidco to develop 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.

PTI January 09, 2018 07:57:17 IST
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.

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

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:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

Centre gave in-principle approval for 19 greenfield airports, Ashok Gajapathi Raju tells Lok Sabha
India

Centre gave in-principle approval for 19 greenfield airports, Ashok Gajapathi Raju tells Lok Sabha

The government has given "in-principle" approval for 19 greenfield airports, of which some would be developed through Public Private Partnership (PPP), the Lok Sabha was informed on Thursday.

Navi Mumbai International Airport to be fully functional by 2019, Maharashtra governor tells Assembly
India

Navi Mumbai International Airport to be fully functional by 2019, Maharashtra governor tells Assembly

In preparation for the new Navi Mumbai International Airport, CIDCO will develop a Smart City, NAINA

Navi Mumbai airport likely by 2019, phase one capacity seen at 10 mn passengers a year, says Cidco
Business

Navi Mumbai airport likely by 2019, phase one capacity seen at 10 mn passengers a year, says Cidco

A 90-meter tall hillock is being razed to just 8 meters for runways for the upcoming Navi Mumbai international airport