CIDCO issued LoA to MIAL for Navi Mumbai International Airport Project, Phase I

The City and Industrial Development Corporation (CIDCO) of Maharashtra issued a letter of award (LoA) to GVK-led Mumbai International Airport Limited (MIAL) for developing the Navi Mumbai International Airport Project, Phase I, on October 26, 2017. The LoA has been issued after the Maharashtra government approved GVK’s financial bid to execute the project on a public-private partnership (PPP) basis with a share of 12.6 per cent of the annual gross revenue. Meanwhile, financial closure is expected to be achieved by February 2018 and preliminary works are likely to be completed by December 2018. The project, worth Rs 160 billion, is expected to be completed by 2019.