October 25, 2017

 

Airport project moves to commissioning stage from blueprint, to help decongest aviation traffic in Mumbai

The Mantralaya on Tuesday gave India's commercial nerve-centre a sparkling Diwali gift just after the Festival of Lights by approving a GVK-led consortium's bid to build a second airport for Mumbai at Ulwe for `. 16,000 crore.

The Mumbai International Airport's (MIAL) offer to develop the airport at the satellite township across the water-margin received the Maharashtra cabinet approval, moving the project to commis sioning stage from the blueprint conceived more than a decade ago. The airport seeks to decongest aviation traffic in the city that's home to India's central bank, the equity and bond markets, the commodities exchanges, and the world's mostprolific film industry .

The cabinet decision came after the high level Project Monitoring and Implementation Com mittee gave its nod to the project on last Wednesday .

“The project has also been given the Stage 2 environ mental clearance already .Now that the state cabinet approval has come, MIAL would be given the Letter of Intent. After that, it would try and achieve financial closure and begin work on the project,“ said Mohan Ninawe, spokesperson for the City and Industrial Development Corporation of Maharashtra (CIDCO).

In a two-pony race, Mumbai Interna tional Airport (MIAL) won the bid for the airport in February, outrunning rival GMR Infrastructure that operates the Delhi and Hyderabad airports. MIAL offered a higher revenue share to CIDCO, the land-owner for the project.

The Navi Mumbai airport is seen as a critical alternative to the congested airport in the city. The government had initially approved setting up the airport in 2007, but the project ran into several environmental and land acquisition problems until the last stages of the final bid.

Each stage has been delayed for months, pending clearances and procedural clarity.

MIAL, which runs Mumbai's existing airport in the city's northern suburbs, consists of GVK Industries, Airports Company South Africa and Bidvest.They together hold 74% of the existing Mumbai airport and the state-run Airports Authority of India holds the rest.

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Source: epaperbeta.timesofindia.com