Thursday, October 26, 2017

GVK arm gets Letter of Award for airport at Navi Mumbai

Hyderabad: he GVK group-led Mumbai International Airport (P) Ltd (MIAL) was on Wednesday handed over the Letter of Award for developing Navi Mumbai International Airport by CIDCO, the nodal agency of the Maharashtra Government for awarding the contract.

The development will enable the Hyderabad-based infrastructure company, GVK Power & Infrastructure Ltd, to commence work on the ₹16,000-crore, public, private partnership mode project (PPP), which has been delayed for several years due to various issues relating to land acquisition and environmental clearance.

Earlier in February, MIAL was declared the winning bidder for the greenfield airport to be developed on 1,160 hectares in a PPP mode with CIDCO, where MIAL will hold a 74 per cent stake and the remaining 26 per cent will be with CIDCO.

GVK Reddy, Executive Chairman MIAL and founder Chairman of GVK, in a statement said, “We are excited that GVK has been awarded this project. In collaboration with CIDCO, the Maharashtra Government and the Centre, we are confident of providing yet another landmark airport for the city of Mumbai.”
25/10/17 V Rishi Kumar/Business Line
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