Business Bytes

MIAL gets nod for Navi Mumbai airport project

The Maharashtra Cabinet has given a formal approval to Mumbai International Airport Pvt. Ltd (MIAL) of the GVK Group for the construction of the Navi Mumbai international airport project. MIAL is a joint venture between the GVK Group and Airports Authority of India.

 

The project is expected to be completed by December 2019. The Greenfield project would be spread over 1,160 hectares and it would be built on PPP basis.

 

By 2034, Mumbai Metropolitan Region (MMR) will have a traffic of 100 Million Passenger Per Annum (MPPA). Forecasts suggest that passenger traffic for MMR is set to cross 45 MPPA by fiscal 2018. Mumbai airport has already handled 42 million passengers in fiscal 2016. The new airport at Navi Mumbai will take care of the additional traffic.

 

The statement said that four applicants had shown interests in building the airport but MIAL won the final bid based on security considerations and agreeing to share 12.5 per cent of the total project revenue to CIDCO.

 

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