Financial closure for NMIA Phase I expected by end-2017

Mumbai International Airport Limited (MIAL) is expecting to achieve financial closure for the Navi Mumbai International Airport Project, Phase I by end-2017 while full-fledged construction is expected to begin after the monsoons. MIAL, the successful bidder for building, developing and operating the airport, will form a special purpose vehicle (SPV) for the project wherein 26 per cent of the equity will be held by City and Industrial Development Corporation of Maharashtra Limited and its nominees, and the rest by MIAL.