GVK Power and Infrastructure has signed a concession agreement with City and Industrial Development Corporation of Maharashtra,CIDCO, to create a special purpose vehicle for developing the state’s much ambitious Navi Mumbai International Airport.
In a statement issued in Mumbai the company said that GVK through its subsidiary, Mumbai International Airport -MIAL holds 74 per cent equity shares of the SPV- Navi Mumbai International Airport, while Cidco holds the balance 26 per cent.
The initial concession period is 30 years from the appointed date which is extendable for a further 10 years.
MIAL was declared the successful bidder in February last year for the Navi Mumbai airport project and had received the Letter of Award from Cidco on October 25, 2017.