GVKPIL signs concession agreement with Cidco for Navi Mumbai International Airport


Agencies, Mumbai GVK Power & Infrastructure Ltd said that it has signed a concession agreement for the Navi Mumbai International Airport project. The agreement has been signed through the creation of a Special Purpose Vehicle ,Navi Mumbai International Airport Pvt Ltd(NMIAL) with Cidco, the nodal authority of the Maharashtra government for the implementation of the project. GVKPIL, through its subsidiary, Mumbai International Airport Pvt Ltd, holds 74 percent equity shares in the proposed Navi Mumbai Airport Ltd, with Cidco holding the balance 26 per cent. The initial concession period is 30 years from the appointed date, which is extendable for a further period of 10 years. The agreement was signed in the presence of Maharashtra Chief Minister Devendra Phadnavis, GVK Executive Chairman MIAL, GVK Reddy, and Chairman and Managing Director of Cidco, Bhushan Gagrani at Mumbai, GVKPIL said in filing with BSE. GVK Reddy said, ‘’GVK has got the opportunity to yet again display its technical and managerial prowess in the airports sector after having created the award winning Mumbai airport, for developing and maintaining Navi Mumbai International Airport. With the support of the Central and Maharashtra Governments and Cidco, we are confident of delivering the much needed second airport for the twin cities of Mumbai and Navi Mumbai.’’ GVK subsidiary MIAL was declared the successful bidder for Navi Mumbai International airport in February 2017 and received the Letter of Award from Cidco on October 25, 2017.