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 MIAL.
The Maharashtra government has paced up the implementation of Rs 16,000 crore Navi Mumbai international airport. The objective is to complete Phase I, which has a 10 million passenger handling capacity annually, by December 2019 or latest by May 2020. The government plans to issue the Letter of Intent (LoI) to GVK-led Mumbai International Airport (MIAL), who outplayed its rival GMR, by offering 12.6 per cent in revenue share. by end of June or early July.
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 MIAL. Thereafter, PMIC will recommend GVK's financial bid to the State Cabinet for its approval. This will pave the way for issuing LoI to MIAL by end of June or early July.
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 the hill and the diversion of Ulwe river have begun. CIDCO hopes that the deadline for completion of Phase I will be achieved despite a minor delay in getting stage II forest clearance.''
GVK spokesperson said MIAL has yet to receive the LoI. "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,''the spokesperson added.
Meanwhile, Cidco which is the nodal agency for the airport project indicated that the acquisition of the 292 hectare (ha) private land, which comprises 25 per cent o the core area, will be done shortly. Land acquisition awards for all 292 ha land and 15 ha gaothans (Kobadbhuje, Ganeshpuri, Targhar, Ulwa, Varcha Owale, Pargaon Dungi, Chinchpada, Koli, Kopar and Waghivali) were already declared, of which 193 ha land was taken in possession.
The process of taking over the balance land is underway. Already 1,160 ha, which is the core area is in Cidco's possession.
...and analysis
The Navi Mumbai airport could have been up and running by now had the government received various clearances and if the land
was acquired in time. Development is crucial due to the rising burden on the city's only airport.
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