Adani Group has received a go-ahead from the Maharashtra Cabinet on its concession agreement for the Navi Mumbai International Airport.
A proposal to change the ownership of a concessional company in the construction of the airport was approved in a cabinet meeting chaired by Chief Minister of Maharashtra Uddhav Thackeray.
The Adani Group acquired 23.5 percent stake held by two foreign firms ACSA Global and Bid Services Division (Mauritius) (Bidvest) for Rs 1,685.2 crore. In totality, it acquired 74 percent stake in the Mumbai International Airport, including the entire 50.5 percent stake held by GVK Group. By this acquisition, it also got the rights to build the Navi Mumbai International Airport.
A greenfield international airport is being developed at Navi Mumbai on 1,160 ha in public private partnership (PPP) basis. Land development works for the project have been completed.
Phase-I of the airport is expected to be completed by 2023-24. The City and Industrial Development Corporation (CIDCO) is acting as the nodal agency for this project.
For the construction of this airport, the Mumbai International Airport has been selected as a concessionaire. The changes have been approved by the Directorate of Civil Aviation, the Airports Authority, SEBI, the Competition Commission of India. Also, the Board of Directors of CIDCO has decided to approve the change of ownership.
