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Financial milestone for Navi Mumbai Airport first phase achieved

Preparatory work on the proposed Navi Mumbai International Airport Limited (NMIAL) achieved a milestone on Saturday. City and Industrial Development Corporation (CIDCO) and GVK-led Navi Mumbai International Airport Pvt Ltd signed off on achievement of the ‘Appointed Date’, marking the concessionaire’s official commitment to the project and the start of the construction period. The concessionaire would now officially look after the construction of the airport.

GVK also said YES Bank would be the lead bank for the initial two phases of the airport construction. “The GVK-led Navi Mumbai International Airport Pvt Ltd. has announced financial closure for construction of the first phase of the Navi Mumbai International Airport,” an official statement from GVK said.

The initial cost of the phase I and phase II of the airport is estimated to be Rs 9,500 crore. The phase I, expected to be completed by December 2019, will include the completion of a terminal building and runway.

While only 1,300 families have been rehabilitated from a total of 3,000 families, 90 per cent of the 1,160 hectare Navi Mumbai airport land was handed over to the airport development company Saturday. The CIDCO has completed 30 per cent of the ground-levelling work for the airport. After this agreement, CIDCO would now oversee the construction work, which would now be looked after by the concessionaire.

“According to the agreement, 90 per cent of the land is under our possession. As the affected families are staying on the acquired land, we would take its possession sooner. Our main job would be to check if the concessionaire is completing tasks according to the timeline,” a senior CIDCO official added.

Senior CIDCO officials said the new airport’s design had been sent to Directorate General of Civil Aviation (DGCA) for approval. GVK Reddy, Executive Chairman of Navi Mumbai International Airport Limited, which forms the special purpose vehicle for the project said, “This will now enable us to focus on the next steps, which is the construction and completion of the first phase of yet another landmark airport in India.”

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