GVK, Cidco ink deal for NaMu airport

The Rs.16,000-crore Navi Mumbai International Airport project is likely to take off soon with GVK Power & Infrastructure Ltd signing a concession agreement with Cidco. The agreement, signed by GVK Reddy, executive chairman of MIAL and Cidco MD Bhushan Gagrani in the presence of the chief minister at Mantralaya, is for 30 years and extendable by 10 years.

Navi Mumbai International Airport Pvt Ltd is the special purpose vehicle that will execute the greenfield airport in phases. Mumbai International Airport Pvt Ltd holds 74% equity shares and Cidco, the nodal airport development authority of the state government, has 26% equity participation.

MIAL, a subsidiary of GVK Power and Infrastructure Ltd, had won the bid for the project in February 2017 and got the letter of award on October 25, 2017.

“We are confident of creating and delivering the much needed airport for the twin cities of Mumbai and Navi Mumbai,” GVK Reddy stated.

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