IRB Infrastructure Developers, one of the foremost highway development companies in the country, has forayed into airport development as it has received a Letter of Approval from Maharashtra Industrial Development Corporation (MIDC) earlier this week.
The Company was declared as the "Selected Bidder" for the development of a Greenfield Airport in Sindhudurg district of Maharashtra.
MIDC, already has in possession approximately 650 acres of land, which it will hand over to IRB for the said project. The cost of Phase I of putting up the airport itself will be nearly Rs 150 crore. The commercial development will be planned separately.
This is the first time IRB has forayed into airport development. The project is on design, built, finance and operate (DBFO) basis. The construction period is of 18 months from the date of fulfillment of conditions precedent, while the concession period is 95 years.
VD Mhaiskar, chairman and managing director of IRB Infrastructure Developers said, “We will tackle this new project with our customary dedication and commitment to quality and time frame.”
The Company had bagged 4 BOT projects totaling Rs 4,300 crore from NHAI in June 2009.
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