IRB forays into airport development
Leading highway development company IRB Infrastructure Developers Ltd has now entered into airport development. IRB was declared as the "Selected Bidder" for the development of a Greenfield Airport in Sindhudurg district of Maharashtra. It received the Letter of Approval from Maharashtra Industrial Development Corporation (MIDC) on August 3, 2009.
MIDC has already acquired about 650 acres of land for the project and this will be handed over to IRB. The estimated cost for the first phase of the airport development is around Rs150crore. Commercial development will be planned separately.
Based on the Design, Built, Finance and Operate (DBFO) model, the project has a timeframe of 18 months from the date of fulfillment of conditions precedent, while the concession period is 95 years.
Speaking about the project, VD Mhaiskar, CMD, IRB infrastructure Developers Ltd said: “We are delighted to take on MIDC’s Greenfield Airport development project, and we look forward to tackling this new project with our customary dedication and commitment to quality and time frame.”