INDIA. GVK Power and Infrastructure (GVKPIL) today announced that it has gained approval from the Maharashtra State Cabinet to develop the long-awaited Navi Mumbai Airport.
“We are happy to inform you that yesterday the Navi Mumbai Airport award to GVK was formally confirmed by the State Cabinet,” a senior GVK source told The Moodie Davitt Report.
GVK Power & Infrastructure shares closed +5% up yesterday at IR14.82 on the news.
Mumbai International Airport Limited (MIAL), a GVK-led consortium, had won the contract in February 2017, subject to State Government approval. The consortium now has the green light to develop the long-awaited, much-needed new facility.
Navi Mumbai will relieve congestion at Mumbai’s existing GVK Chhatrapati Shivaji International Airport and serve booming aviation demand in India’s financial and film capital.
The award comes 11 years since the privatisation of GVK Chhatrapati Shivaji International Airport (GVK CSIA). In January 2006, a GVK-led consortium won the tender to manage and operate GVK CSIA. That led to the formation of Mumbai International Airport Pvt. Ltd. (GVK CSIA), an alliance between a GVK-led consortium (74%) and Airports Authority of India (26%).
MIAL drove the extraordinary transformation of GVK CSIA, a unique brown-field project. The airport’s new Terminal 2, inaugurated in January 2014, integrates spectacular design and architecture, notable for its infusion of Indian heritage and culture.
