GVK wins Rs 16,000 crore bid to develop Navi-Mumbai airport

GVK run the busiest airport in country which is Mumbai and know they have win the bid of Rs 16,000 crore project to develop the second airport in Navi-Mumbai which is out-side Mumbai, CNBC-TV18 reported.

Another big contender for the development of the airport was GMR infrastructure but couldn’t win the bid. CIDCO that has its headquarters in Navi Mumbai is an extended arm of Maharashtra’s city and town planning department. CIDCO had extended the deadline on three occasions for a fair bidding process.

The Rs 16,000-crore airport project will be carried out through public private partnership. Project implementing authority CIDCO will bear the cost of pre- development works and the amount will be treated as a loan to the project developer. The new airport, first proposed in 1997 and approved by the government in 2007 is expected to be operational in 2019.

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