Mumbai: Cabinet nod to form SPV for Pune’s Purandar International Airport

Mumbai: The Maharashtra cabinet on Tuesday granted its approval for setting up of a special purpose vehicle (SPV) for the proposed Purandar international airport in Pune.

The Maharashtra Airport Development Corporation (MADC) has been appointed as the nodal agency for implementing the project, while the City and Industrial Development Corporation of Maharashtra (CIDCO) will be a major stakeholder in the SPV. The CIDCO will hold 51 per cent stake in the SPV, while MADC’s stake will be around 19 per cent.

The remaining 30 per cent will be divided between the MIDC and Pune Metropolitan Region Development Authority (PMRDA). Pune district collector has been given the responsibility of acquiring land for the project, giving compensation and rehabilitating the project affected people.

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