New Delhi: The Comptroller and Auditor General (CAG) on Friday asked the government to review the financing structure and performance of the Mumbai International Airport Limited (MIAL), as the project cost for development and upgrade work of terminals has doubled because of inordinate delays, and the funding gap is now being addressed by levying development fee on passengers.
In its audit report titled Implementation of Public-Private Partnership Project at Chhatrapati Shivaji International Airport, Mumbai, tabled in Parliament on Friday, CAG criticised the public-private (PPP) partnership model for development of the airport stating "the financing risks have not been effectively transferred to the private partner".
The auditor held that although the Airports Authority of India (AAI) had the right to penalise MIAL for delaying the project by four years, no communication urging MIAL to hasten implementation work was on record.
19/07/14 Business Standard
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In its audit report titled Implementation of Public-Private Partnership Project at Chhatrapati Shivaji International Airport, Mumbai, tabled in Parliament on Friday, CAG criticised the public-private (PPP) partnership model for development of the airport stating "the financing risks have not been effectively transferred to the private partner".
The auditor held that although the Airports Authority of India (AAI) had the right to penalise MIAL for delaying the project by four years, no communication urging MIAL to hasten implementation work was on record.
19/07/14 Business Standard
