GVK Power and Infrastructure Limited has signed a concession agreement with City and Industrial Development Corporation of Maharashtra Limited (CIDCO) on January 8, 2018 to develop the Navi Mumbai International Airport Project. The concession agreement has been signed through a special purpose vehicle – Navi Mumbai International Airport Limited. According to the agreement, the initial concession period is 30 years from the date of appointment and is extendable by another 10 years. Earlier, in October 2017, a letter of award was issued by CIDCO to Mumbai International Airport Private Limited (MIAL), a subsidiary of GVK, for the development of the project. MIAL holds a 74 per cent stake in the project, while the remaining 26 per cent is owned by CIDCO. The project is estimated to cost Rs 167.04 billion and will be developed in four phases on a public-private partnership (PPP) basis under the design-build-finance-operate-transfer mode.