SPC for Navi Mumbai airport

Mumbai: The City and Industrial Development Corporation of Maharashtra Ltd (CIDCO), responsible for planning and development of the satellite township of Navi Mumbai, will soon set up a special purpose company (SPC) to build and operate the proposed greenfield airport at Panvel in Navi Mumbai. The SPC will be formed by April this year once the Union Cabinet approves the construction of the airport, which will be Mumbai’s second international airport.
“Airport Authority of India (AAI) and CIDCO will hold 13% stake each in the SPC, while private developers will hold 74%,” says a CIDCO official. He added that CIDCO was already in possession of 50-60% of the required land for the project and the remaining would be acquired soon.
26/03/07 Shaheen Mansuri/Financial Express

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Categories: Airports Mar 2007, New Mar 2007