Infrastructure major GVK Chairman Reddy on Wednesday said that in the first phase, the GVK group which was given tender to construct the Navi Mumbai International Airport, will spend nearly ₹8,500 crores to cater to 10 million passengers per year.
The Navi Mumbai International Airport proposed by the Maharashtra government is a public-private partnership (PPP) and GVK has 74 per cent stake along with City and Industrial Development Corporation (CIDCO) which holds the remaining 26 per cent.
The proposed Navi Mumbai International Airport will be built over 1,160 acres in multiple phases and will have a passenger capacity of 60 million people annually.
The airport will get an investment of nearly ₹8,500 crore in the first phase and will have the capacity to hold 10 million passengers annually. Moreover, another ₹2,500 crore to ₹3,000 crores will be spent to increase the passenger capacity to 2 crores," Reddy told shareholders while speaking at the annual general meeting of GVK Power and Infra Limited (GVKPIL).
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The concession agreement between Navi Mumbai International Airport and CIDCO was signed on January 8, 2018. The Navi Mumbai International Airport Pvt. Ltd. also provided performance security plan to CIDCO as per the terms of the agreement.