With GMR and Tata Realty opting out of the Rs. 16,000-cr Navi Mumbai airport project, GVK-led Mumbai International Airport (MIAL) and Hiranandani Developers-Zurich Airport consortium remained in the race to bag the mega project. Financial bids for the much-delayed project will open next week for a Navi Mumbai airport, which will be developed through a public-private partnership and the planning authority, City and Industrial Development Corporation (Cidco) will hold 26% stake in the project. MIAL, which operates the airport, has the right of first refusal and it can revise its bid if it is 10% below the highest offer. Waiting in wings four shortlisted bidders included GMR Delhi, GVK-led Mumbai International Airport, Tata Realty and Hiranandani-Zurich Airport consortium were short listed for the project, which would be developed in a phased manner. The project requires 2,268 hectares, of which 1,160 hectares will be utilized for aeronautical purposes and will be developed through public-private partnership by way of setting up a special purpose vehicle wherein the Cidco and its nominees would have 26% stake.