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GVK signs concession agreement for Navi Mumbai International Airport

Indian conglomerate GVK Power and Infrastructure Limited (GVKPIL) has signed a concession agreement for the development and operation of Navi Mumbai International Airport in India – a new greenfield project which will become the second international airport serving the city of Mumbai.

The concession agreement has been signed via a special purpose vehicle referred to as Navi Mumbai International Airport Limited (NMIAL) along with CIDCO, the nodal authority of the Government of Maharashtra which is responsible for implementing the project.

GVKPIL, through its subsidiary Mumbai International Airport Limited (MIAL), will possess 74% of shares in NMIAL while CIDCO will possess the remaining 26%. The initial concession period is 30 years from the appointed date, with the option of a further 10-year extension.

Dr GVK Reddy, executive chairman, MIAL, said, “We are delighted that GVK has the opportunity to display its technical and managerial prowess in the airports sector after having created the award-winning Chhatrapati Shivaji International Airport.

“With the continued support of the central government, the Maharashtra government, CIDCO and all our stakeholders, we are confident of creating and delivering the much needed second airport for the twin cities of Mumbai and Navi Mumbai.”

Written by Daniel Symonds

January 9, 2018





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