Maytas to build two regional airports

Chennai/ Bangalore: A consortium of three companies led by Hyderabad-based Maytas Infrastructure, which won the bids to develop airports at Gulbarga and Shimoga in the state, plans to spend Rs 200 crore over the next seven years on the two projects.
The consortium of Maytas, Nagarjuna Construction Corporation (NCC) and VIE India Project Development and Holding LLC, on Wednesday signed a project development agreement with the Infrastructure Development department of the state government.
As per the agreement, the consortium will develop and operate airports at Gulbarga and Shimoga on a Build-Operate-Transfer basis. Special purpose companies will be set up for the two projects. While Maytas and NCC will hold a 37 per cent stake each in the two companies, VIE will hold the balance 26 per cent.
The airports will be constructed over 24 months from the date of signing the agreement and the concession period is 30 years and extendable by an additional 30 years.
03/04/08 Business Standard

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Categories: Merchant Airports Apr 2008, New Apr 2008