Navi Mumbai International Airport

On February 18, 2018, Prime Minister Narendra Modi unveiled the foundation plaque at the ground breaking ceremony for Navi Mumbai International airport in Mumbai. “Issue of Navi Mumbai airport has been pending for years. This is not the only project that is pending. When I assumed office, I realised there were several such projects. That is why, we began a Pragati initiative and gave priority to completion of projects. In our country, nearly 450 planes are operational. 900 new planes will be bought this year. Aviation sector is moving ahead,” he said. On January 8, 2018, GVK Power and Infrastructure Limited (GVKPIL) had announced the signing of the concession agreement for this airport project. The agreement was signed through the creation of a special purpose vehicle (SPV), i.e. Navi Mumbai International Airport Pvt Ltd (NMIAL) with CIDCO, which is the nodal authority of Maharashtra government for implementation of this project. GVKPIL through its subsidiary, Mumbai International Airport Pvt Ltd (MIAL) holds 74 percent equity shares of NMIAL while CIDCO holds the rest 26 percent. The initial concession period is 30 years from the appointed date which is extendable by 10 years. MIAL was declared the successful bidder in February 2017 and had received the Letter of Award from CIDCO on October 25, 2017.