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GVK achieves financial closure for Navi Mumbai airport

Press Trust of India  |  Mumbai 

Group today said it has achieved financial closure for construction of the first phase of the International Airport (NMIA).

"I am extremely happy that we have achieved the financial closure on schedule. 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," said International Airport G V K Reddy in a statement here.

The infrastructure had bagged the financial bid to build and operate the second international airport in the Mumbai metropolitan region - - at an investment of Rs 16,000 crore this year, beating rival

The airport is a public-private partnership venture in which the GVK-led Pvt Ltd has a 74 per cent stake with CIDCO, the government's nodal agency for the project, holding the remaining 26 per cent.

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 initial concession period is 30 years from the appointed date which is extendable for a further 10 years.

The concession agreement for Navi Mumbai International Airport was signed on January 8, 2018 between Navi Mumbai International Airport and City and Industrial Development Corporation (CIDCO).

GVK, which currently manages the Mumbai International Airport through its subsidiary Airport Developers, said would be the lead and mandate lead arranger for phase I and phase II of the airport project.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, July 07 2018. 19:50 IST
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