Thursday, October 19, 2017

Navi Mumbai international airport project gets PMIC clearance, cabinet nod by end of month

Navi Mumbai: The state cabinet is scheduled to meet on October 31 and give the final stamp of approval to the Rs 16,000 crore Navi Mumbai international airport (NMIA) following the high-level project management implementation committee (PMIC) headed by the chief secretary approving the project Wednesday.
Senior PRO (Cidco), Mohan Ninawe said, "Cidco will give the letter of award (appointment) on behalf of the government after the cabinet meeting scheduled October 31.'' Both Cidco and GVK-led MIAL that had bagged the financial deal on February 13 expressed happiness at the long-awaited government sanction to the project.
The PMIC meeting a day before Diwali brought special cheer to Cidco, the nodal authority to develop the mega project and the strategic partner besides a major step on the road to development as the project is nearly two-decades old since it was conceived.
GVK-led MIAL operates the Chatrapati Shivaji international airport. It pipped GMR Airports limited by offering a higher revenue share. Cidco had to give three extensions before it closed the financial bid.
CEO, MIAL, R K Jain told TOI, "We are very happy to have received the nod and will develop and operate the international airport as per guidelines.''
NMIA will be executed on a PPP basis through a proposed special purpose vehicle (SPV) with 74 % private equity and 26 % (13% each) by state government routed through Cidco and AAI (airport authority of India).
19/10/17 Sanjay Banerjee/Times of India

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