GVK inks pact for Rs.16,000 cr airport project

    GVK Power & Infrastructure
    Adding to its project portfolio in the aviation sector, GVK Power & Infrastructure has recently signed a concession agreement for the much-delayed Navi Mumbai International Airport project entailing an investment of Rs.16,000 crore. The agreement has been signed through a special purpose vehicle, Navi Mumbai International Airport Pvt Ltd with Cidco, the nodal authority of the state government for the implementation of the project for a period of 30 years from the appointed date and extendable for 10 years. Through its subsidiary, Mumbai International Airport Pvt Ltd, GVKPIL holds 74% equity shares in the proposed Navi Mumbai Airport Ltd with Cidco holding the balance 26%, Chairman GVK Reddy said that GVK has got the opportunity to yet again display its technical and managerial prowess in the airport sector after having created the award winning Mumbai airport, for developing and maintaining Navi Mumbai International Airport. With the support of Central and Maharashtra governments and Cidco, the player is confident of delivering the much-needed second airport for the twin cities of Mumbai and Navi Mumbai. It is worth mentioning here that GVK’s subsidiary MIAL was declared successful bidder for the project in February 2017 and received the Letter of Award from Cidco on October 25, 2017. The Hyderabad-based diversified infrastructure company also has the Bangalore International Airport Ltd under its belt.
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