Thursday, October 19, 2017

GVK wins bid to develop Navi Mumbai airport; CIDCO to soon issue LoI

Mumbai: Hyderabad-based GVK has won bids to develop the much awaited Navi Mumbai International Airport that falls in the jurisdiction of City and Industrial Development Corporation, CIDCO. CIDCO will bear the pre-development cost of the project, according to a report in The Financial Express.

GVK that has built Mumbai's international airport has businesses in such diverse sectors as energy, resources and hospitality among others. The Navi Mumbai International Airport project has been monitored by a chief secretary led panel Project Monitoring and Implementation Committee formed by the Maharashtra government.
The PMIC headed by Sumit Malik has also recommended the GVK led Mumbai International Airport Limited's bid to the state Cabinet for final approval. Once the GVK gets Cabinet nod, CIDCO will issue Letter of Intent to developer company MIAL.

"The award of the LoI will be an important step in taking the project forward, which has been dogged by inordinate delays since its conception about two decades ago," FE report said.

MIAL submitted its bid in February with an offer of 12.6 per cent revenue to CIDCO, state government's extended arm that was formed as town planning authority for Navi Mumbai before local civic body came into being. GMR was the only other bidder.
19/10/17 Deccan Chronicle
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