The Union Cabinet today approved a proposal for the formation of a joint venture company (JVC) and transfer of land to it for setting up a world class airport at Nagpur. The company will be a joint venture between Airports Authority of India (AAI) and Maharashtra Airport Development Company Ltd (MADCL).
Union Home Minister Mr P Chidambaram said after the cabinet meeting that the AAI will hold 49 per cent stake and the MADCL 51 per cent in the JVC. The JVC will call bids for a second joint venture to identify a private partner to construct the airport on a public private partnership (PPP to build a high-tech passenger –cum - cargo hub in Nagpur.
