Financial closure for phase-I of Navi Mumbai International Airport reached

Conglomerate GVK-led Navi Mumbai International Airport (NMIAL) on Saturday announced the financial closure for construction of the first phase of the Navi Mumbai International Airport.

"I am extremely happy that we have achieved the financial closure on schedule," NMIAL Executive Chairman G.V.K. Reddy was quoted as saying in a statement.

"This will now enable us to focus on the next steps, which is the construction and completion of the first phase of yet another landmark airport in India."

In business parlance, 'financial closure' is achieved when key agreements for the necessary funds and other requirements to start the project implementation are reached.

NMIAL is a Public Private Partnership (PPP) venture in which the GVK led Mumbai International Airport (MIAL) has a 74 per cent stake with CIDCO (City and Industrial Development Corporation of Maharashtra Ltd.) holding the remaining 26 per cent.

GVK MIAL was declared the winning bidder for the greenfield international airport that will be built on 1,160 hectares in phases and will eventually cater to 60 million passengers per year.

The concession agreement for Navi Mumbai International Airport was signed between NMIAL and CIDCO on January 8.

--IANS

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