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Maharashtra govt okays MIAL bid to build Rs 16,000 cr Navi Mumbai airport

The project will be developed on 74:26 per cent partnership between MIAL and CIDCO and airport's phase 1

Navi Mumbai International Airport
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The site where the Navi Mumbai International Airport will come up

Aneesh Phadnis Mumbai
Maharashtra Cabinet on Tuesday approved Mumbai International Airport’s (MIAL’s) bid to construct the Rs 16,000 crore Navi Mumbai airport.

With the Cabinet giving its go ahead, the formal letter of award will be issued to MIAL. This will be followed by signing of a concession agreement between a MIAL-led special purpose vehicle and the City and Industrial Development Corporation (Cidco) in next two months and financial closure for the project six months after the signing of the agreement.

The project will be developed on 74:26 per cent partnership between MIAL and Cidco and airport’s phase 1 with annual handling capacity

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