Nagpur: Finally, Maharashtra Airport Development Company (MADC) and Airports Authority of India (AAI), signed the agreement to set up a joint venture company to run the ambitious Mihan project. The Nagpur airport was symbolically transferred to the 'new company' at a function attended by a galaxy of leaders from different parties.
These included the state's chief minister Ashok Chavan, union agriculture minister Sharad Pawar and union civil aviation minister Praful Patel. Union minister of renewable energy sources Vilas Muttemwar, BJP state president Nitin Gadkari, Nagpur West MLA Devendra Fadnavis also shared the dais. Air India CMD Raghu Menon, President of Boeing India Dinesh Keskar and Air Deccan's managing director Captain G R Gopinath were also present.
However, the new joint venture company will still take some time to be formed. The Mihan project depends on setting up of this JVC to which the Nagpur airport will be transferred by the AAI. MADC's vice-chairman-cum-managing director R C Sinha said he hoped that the JVC will be formed in about six weeks, though it all depends on the registrar of companies (RoC).
MADC has applied to the RoC for approval of JVC's name. Thereafter, other formalities of registering the company will be taken up.
The name is likely to be approved within a week while the registration will take another 5-6 weeks. Three names suggested for it are Mihan India Limited, Mihan Private Limited and Mihan Limited.
It will have a paid up capital of Rs 10 crore with MADC having 51% stake. It will be then looking for a third (private) partner which would actually build the cargo hub project. Once the third partner chips in, the stake of MADC and AAI will be diluted. The third party will be selected through a bidding process within six months of the formation of JV, Sinha told TOI.
23/02/09 Times of India
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