Wednesday, February 15, 2017

Why the Navi Mumbai airport will be a boon for India's financial capital

On Monday, the Mumbai International Airport Ltd (MIAL), a joint venture led by GVK, won the bid to develop a new airport in Navi Mumbai. The total estimated cost of the Navi Mumbai International Airport, or NMIA, is Rs 16,000 crore.
Initially, four entities - MIAL, GMR Airports, MIA Infrastructure (joint venture of Tata Realty and VINCI Airport Concessions) and Voluptas Developers Pvt. Ltd. (consortium of Hiranandani Group and Zurich Airports) - had shown interest in building the greenfield airport.
The financial bids were submitted by just two - GMR Airports and MIAL. MIAL won because it has offered to share 12.6 per cent of the annual gross revenues with City and Industrial Development Corporation of Maharashtra (CIDCO), the nodal government agency, as against 10.44 per cent offered by GMR Airports. The final decision on awarding the project will be taken by state cabinet soon. MIAL currently operates the Chhatrapati Shivaji International Airport (CSIA).
14/02/17 Manu Kaushik/Business Today
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