Authorities have said the aim is to complete the first phase of the airport by 2019 or 2020
The Maharashtra government on Tuesday put on fast track the implementation of the Rs 16,000 crore Navi Mumbai international airport.
The Project Monitoring & Implementation Committee (PMIC) headed by the state chief secretary Sumit Malik will meet next week to give its approval for the financial bid received from GVK-led Mumbai International Airport (MIAL). Thereafter, PMIC will recommend the GVK’s financial bid to the state cabinet for its approval. This will pave way for issuing a letter of intent to MIAL by end of June or early July.
The objective is to complete the phase I with a 10 million passenger handling capacity annually by December 2019 or latest by May 2020. The government proposes to issue by end of June or early July the letter of intent to GVK led Mumbai International Airport (MIAL),who had outsmart its rival GMR, by offering 12.6% in revenue share.
The City and Industrial Development Corporation (CIDCO) vice chairman and managing director Bhushan Gagrani told DNA “All pre development works comprising cutting and filling of hill and the diversion of Ulwe river have been launched. Since all works have started, CIDCO hopes that the deadline for completion of phase I will be achieved despite little bit delay in getting stage II forest clearance.”
CIDCO, which is also the nodal agency for the airport project, indicated that the acquisition of the private land of 292 hectares, which comprises 25% of core area, will be done shortly.
Land acquisition awards for all 292 hectares land and 15 hectares gaothans (Kobadbhuje, Ganeshpuri, Targhar, Ulwa, Varcha Owale, Pargaon Dungi, Chinchpada, Koli, Kopar and Waghivali) were already declared, of which 193 hectares land was taken in possession. The process of taking over possession for balance land was underway. Already 1,160 ha, which is a core area, is in CIDCO’s possession.
A GVK spokesperson said MIAL has yet to receive the letter of intent. “The Navi Mumbai international airport project will be a subsidiary of MIAL which is an AA-rated company. It has the existing cash flows to invest in the equity. Hence, there won’t be any impact of group debt on this project. Also, as part of the tender documents, we had submitted a letter from one of India’s leading banks, which has agreed to provide debt for the project. As per the tender documents, financial closure is to be completed in six months and we are confident of achieving that,” he added.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Navi mumbai")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}