Pvt sector to hold 74 pc equity; Govt, AAI to pick up rest
Will be able to handle 50-55 million passengers annually
New Delhi, Dec. 18
Work on a new greenfield airport in Navi Mumbai is expected to start next year after some issues relating to land acquisition are sorted out and clearance of the Union Cabinet is obtained.
This emerged at a meeting that the Minister for Civil Aviation, Mr Praful Patel, had with the Maharashtra Chief Minister, Mr Vilasrao Deshmukh, here on Monday.
"We hope to be able to not only start the bidding process but also complete the process during 2007. There is urgency for a new airport as the existing airport will get saturated within the next five-seven years. We would like to see at least the first phase of airport being ready by 2012," Mr Patel said.
"All the technical clearances for the new airport have been received," the Chief Minister added.
The cost of the project, which is being developed through the public-private partnership route, is estimated at between Rs 3,200 crore and Rs 4,000 crore.
Like in the case of the new greenfield airports in Hyderabad and Bangalore, the private sector would hold 74 per cent equity in the Navi Mumbai project. The Maharashtra Government and Airports Authority of India are expected to pick up a 13 per cent stake each in the project.
Sources indicated that the State Government was likely to incur Rs 12-13 crore towards detailed reports that would have to be undertaken before the project takes off apart from contributing land for the airport.
The new airport is to come up on 1,610 hectares of land of which 470 hectares have been earmarked for city side development. "Almost 74 per cent of the land required for the new airport has been identified and acquired. We plan to have an airport that would have a terminal area of 2.5-lakh sq.m. and a cargo area of 1-lakh sq.m. The new airport would be able to handle 50-55 million passengers annually," the Joint Managing Director, City and Industrial Development Corporation, (CIDC), Mr Deepak Kapoor said. The development of the new airport is to be undertaken by the CIDC.
In keeping with international standards, the new airport, which is 35 km from the existing one, would have two parallel runways. Initially the project would be given to the successful party for a period of 30 years that could be extended by another 30 years.
During the meeting, issues relating to the development of Nagpur airport as a national multi-modal hub for domestic cargo and passenger traffic was also discussed.