GMR Airports Limited (GAL) has formed a special purpose vehicle (SPV) – GMR Goa International Airport Limited – to undertake the development of the Mopa International Airport project. The SPV will raise funds for project implementation by April 2017. The Goa government has signed the concession agreement with the SPV, enabling GAL to commence work. Besides, GAL also gets the right to operate the airport for 40 years, which is extendable for another 20 years. The airport will be built on the hybrid till model with a 30 per cent cross-subsidy.