MIDC & PMRDA To Hold 15% Each As Purandar International Airport Project Moves Into Execution Phase; CIDCO To Hold Majority 51% Stake

Pune: The partnership structure for the proposed Purandar International Airport has been finalised, as announced by officials on Sunday. According to the plan, the City and Industrial Development Corporation (CIDCO) will hold the largest stake at 51%. The Maharashtra Industrial Development Corporation (MIDC) and the Pune Metropolitan Region Development Authority (PMRDA) will each hold 15%, while the Maharashtra Airport Development Company (MADC) retains a 19% share.

Land acquisition for the airport in Purandar tehsil of Pune District requires a fund of approximately Rs 6,000 crore. This amount will be raised through loans, a proposal that has recently received approval from the State Cabinet.

The decision to form a Special Purpose Vehicle (SPV) or a joint venture was originally announced seven years ago, with the MADC appointed as the nodal agency. As per the directive, the CIDCO holds a 51% stake, while the MADC has been allotted a 19% stake and has approved a provision of Rs 760 crore based on its share.

MIDC and the PMRDA each hold a 15% stake. With the finalisation of these shareholdings, the responsibility for loan repayment has also been clearly apportioned among the participating agencies.

While the primary responsibility for land acquisition lies with the Pune District Collector, MIDC has been appointed as the nodal agency to implement the acquisition process.

The leadership structure of the SPV has been announced as well. The Chairman of this SPV will be the Managing Director of CIDCO. The Vice Chairman will be the managing director of MADC. The board of directors will include the chief secretaries of state’s finance and industry departments, along with the CEOs of MIDC and PMRDA, the Pune District Collector and the executive director and chief financial officer of MADC.