Navi Mumbai Airport project: GVK Power bags right to redevelop; cost pegged at Rs 16,000 cr

Financial Express, October 25, 2017

GVK Power and Infrastructure (GVKPIL) on Tuesday said it has received approval from the Maharashtra state Cabinet for developing the Rs 16,000-crore Navi Mumbai airport project, following the Project Monitoring and Implementation Committee (PMIC) approving its financial bid earlier last week. GVK-led Mumbai International Airport (MIAL) won the contract in February 2017. MIAL is a joint venture between the Airports Authority of India (AAI), GVK and other minority investors. The Rs 16,000-crore public-private-partnership (PPP) Navi Mumbai airport project will have an equity of 74% by MIAL and 13% by AAI. City and Industrial Development Corporation (CIDCO), too, will hold 13%. CIDCO is the nodal government agency for the greenfield project that will be built on a design, build, finance, operate and transfer (DBFOT) basis.
“We have received the approval from the Maharashtra government today but we are yet to receive the letter of intent (LoI) from CIDCO,” company sources told FE. The project has seen inordinate delays right from the conception stage about two decades ago over issues of environment and later, over the rehabilitation of project-affected persons (PAP). During the recent annual general meeting in September, GVK Group chairman GVK Reddy had said that some of the pre-airport development works, worth over Rs 2,000 crore, have been awarded by CIDCO.

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