GVK signs concession agreement for Navi Mumbai airport project

GVK Power & Infrastructure Limited (GVKPIL) on Monday announced the signing of the concession agreement for the Navi Mumbai International Airport Project. The concession agreement has been signed through the creation of a Special Purpose Vehicle viz., Navi Mumbai International Airport Pvt. Ltd. (NMIAL) with CIDCO, the nodal authority of the Government of Maharashtra for implementation of this project.

GVKPIL through its subsidiary, Mumbai International Airport Pvt. Ltd. (MIAL) holds 74% equity shares of NMIAL while CIDCO holds the balance 26%. The initial concession period is 30 years from the appointed date which is extendable for a further 10 years.

The agreement was signed in the presence of the Chief Minister of Maharashtra Devendra Fadnavis by Dr. GVK Reddy, Executive Chairman, MIAL and Bhushan Gagrani, Vice Chairman and Managing Director, CIDCO at Mantralaya in Mumbai today.

GVKPIL’s subsidiary, MIAL was declared the successful bidder in February, 2017 for the Navi Mumbai International Airport project and had received the Letter of Award from CIDCO on 25th October, 2017.