GVK targets ₹8,500-cr for Phase-I airport expansion

Chairman, GVK Group, G V K Reddy, informed that the company will expand the Navi Mumbai International Airport to cater to 10 million passengers per annum at an investment of ₹8,500 crore in the first phase of the expansion exercise. The airport is a PPP venture in which the GVK-led Mumbai International Airport has a 74 percent stake, with CIDCO holding 26 percent. The greenfield airport will be built on 1,160 hectares in phases and eventually cater to 60 million passengers per annum. The concession agreement for the Airport was signed on January 8, 2018 between Navi Mumbai International Airport and City and Industrial Development Corporation (CIDCO). GVK, which currently manages the Mumbai International Airport through its subsidiary GVK Airport Developers, said that Yes Bank is going to be the lead bank and mandate lead arranger for the first two phases of the airport project. The initial concession period is 30 years from the appointed date, and extendable for a period of 10 years.