MIHAN update

The Centre has approved the creation of a joint venture firm, comprising the Airports Authority of India (AAI) and the Maharashtra Airport Development Company (MADC), to construct a multi-modal passenger and cargo hub at the Nagpur airport. The decision, taken by the Union Cabinet, will enable the Centre to transfer land owned by the AAI to the firm. “Approval has been granted to establish the first JV firm and transfer land and assets to it,’’ said home minister P Chidambaram. In this JV, the AAI will hold 49% stake and MADC, 51%. The first JV firm will then select a private partner and form a second JV, in which the former will hold 24% equity and the latter, 76%, he said. A concession agreement will then be signed between the parties in the second JV.