MIAL awards EPC contract to L&T

* The contract includes the new integrated passenger terminal building, airside and landside works

Mumbai, November 1, 2007: As a crucial step forward in the modernization & expansion of Chhatrapati Shivaji International Airport (CSIA), Mumbai International Airport Pvt Ltd (MIAL) today awarded the EPC contract to India's leading technology, engineering and construction company Larsen & Toubro Ltd (L&T). According to the contract, L & T has been mandated to build the new integrated passenger terminal to modernize and expand the existing facilities, which will also include the airside and landside works on a turnkey basis. The new terminal, catering to both domestic and international passengers, will double the passenger-handling capacity to 40 million passengers per annum.

While the airside construction includes taxiways, aprons, aircraft maintenance facilities, utility services and other primary infrastructure support facilities, the landside primarily comprises of a new multi-storey car park and access roads leading up to the terminal.

Commenting on the occasion Mr. G V Krishna Reddy, Chairman, GVK said, "L&T has been a market leader in the field of heavy engineering and construction, while continuously setting superior standards for others to follow. Apart from demonstrating a strong thrust on delivering world-class quality, over the years L & T has also been associated with some of the most prestigious airport modernization projects in India. We at GVK are happy to have them on board to help us give shape to our dream of making CSIA a world class airport."

L&T was chosen for the project after an elaborate evaluation and competitive bidding process.

Speaking on the occasion, Mr. A.M. Naik, Chairman & MD, Larsen & Toubro Ltd. said: "L&T is happy to be associated with GVK to create the largest airport hub in the business capital of India. This is a step towards creating world-class infrastructure and making India a stronger nation. As a company engaged in building infrastructure for India and meeting the needs of the core sector of economy, L&T's focus has always been to undertake projects in critical infrastructure sectors like airports, ports, power and oil and gas."

This Engineering, Construction and Procurement (EPC) contract effectively gives shape to the master plan unveiled earlier by MIAL that envisages the design and construction of a new integrated passenger terminal for the up gradation of CSIA.

About Mumbai International Airport Pvt. Ltd. (MIAL)

Mumbai International Airport Pvt. Ltd. (MIAL) is a joint venture between the GVK-SA consortium and Airports Authority of India. MIAL was awarded the mandate of modernizing and upgrading Chhatrapati Shivaji International Airport (CSIA) in April 2006. CSIA is India's busiest airport and will cater to 26 million passengers and 520,000 tonnes of cargo in 2007-08. MIAL's vision is to transform CSIA to one of the world's best airports that consistently delights customers and be the pride of Mumbai.

About GVK

GVK is amongst India's largest infrastructure developers with experience and expertise spanning areas including power, roads, airports and urban infrastructure. Until date GVK has invested over Rs. 5,000 crore into infrastructure projects and has on hand projects in the pipeline of over Rs. 12,000 crore.

About L & T

Larsen & Toubro Limited is a USD 5 billion technology, engineering and construction company, with global operations. It is one of the largest and most respected companies in India's private sector.

A strong, customer-focussed approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business over seven decades.