The decision was taken at a state cabinet meeting here.
A statement issued by the Chief Minister's Office (CMO) said the project will be executed by December 2019.
City and Industrial Development Corporation (CIDCO) is working as the nodal agency for the airport development.
The statement said said GMR airports, Hiranandani group, MIA infrastructure and MIAL had taken part in the bidding process for the project.
The project management implementation committee (PMIC), headed by the chief Secretary, then selected MIAL as the highest bidder. Subsequently, the cabinet endorsed the PMIC's selection.
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