Adani Group has received a go-ahead from the Maharashtra Cabinet on its concession agreement for Navi Mumbai International Airport.
A proposal to change the ownership of a concessional company in the construction of Navi Mumbai International Airport was approved in a cabinet meeting chaired by Chief Minister Uddhav Thackeray.
“As directed by the Project Control and Implementation Committee under the chairmanship of the Chief Secretary, the meeting approved the change in the ownership,” the PRO to the CM said.
The Adani Group acquired a 23.5 per cent stake held by two foreign firms ACSA Global Limited and Bid Services Division (Mauritius) Limited (Bidvest) for ₹1,685.2 crore. In totality, it acquired 74 per cent stake in Mumbai International Airport, including the entire 50.5 per cent stake held by GVK Group. By this acquisition, it also got the rights to build the Navi Mumbai International Airport.
Land development
A greenfield International Airport is being developed at Navi Mumbai on 1,160 hectares in public-private partnership basis. Land development works for the project have been completed.
The first phase of the airport is expected to be completed by 2023-24. CIDCO is acting as the nodal agency for this project.
For the construction of this airport, Mumbai International Airport Pvt. Ltd. has been selected as a concessionaire. The changes have been approved by the Directorate of Civil Aviation, Airports Authority, SEBI, Competition Commission of India. Also, the Board of Directors of CIDCO has decided to approve the change of ownership.