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PM to lay foundation stone for vi Mumbai intertiol airport

PM to lay foundation stone for vi Mumbai intertiol airport

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  13 Feb 2018 12:00 AM GMT

Mumbai, Feb 12: Prime Minister rendra Modi will perform the ‘bhoomi pooja’ (ground-breaking ceremony) for the upcoming Rs 16,000 crore vi Mumbai Intertiol Airport (NMIA) on February 18, it was announced on Monday.

The new airport, in the adjoining Raigad district, will be the second intertiol aviation hub for Mumbai, presently served by the Chhatrapati Shivaji Intertiol Airport, which has almost achieved saturation point.

The NMIA will be constructed by the GVK Power & Infrastructure Ltd (GVKPIL) as per a Concession Agreement signed on January 8, with the City & Industrial Development Corporation (CIDCO), the nodal authority of Maharashtra to oversee the project implementation.

The agreement has created a special purpose vehicle - vi Mumbai Intertiol Airport Pvt. Ltd (NMIAL), in which the GVKPIL, through its subsidiary, Mumbai Intertiol Pvt Ltd, holds 74 percent equity, while the rest is held by CIDCO.

The initial concession period is 30 years, from the appointed date, which is extendable by another 10 years, for the project in which GVKPIL was declared the successful bidder in February 2017. The NMIAL, a greenfield airport, will be constructed in the PPP mode on 1,160 hectares on the mainland in vi Mumbai, across the Mumbai harbour, with the advantage of the upcoming Mumbai Trans Harbour Link, a Special Economic Zone and other major infrastructure developments coming up. (IANS)

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