The GVK Group, which is in the process of developing Navi Mumbai International Airport, will invest Rs 8,500 crore towards the Phase-I development to cater to 10 million passengers per annum.
The airport is a public-private partnership (PPP) venture in which the GVK-led Mumbai International Airport has 74 percent stake with City and Industrial Development Corporation of Maharashtra (CIDCO) holding the remaining 26 percent.
The greenfield international airport will be built on 1,160 ha of land parcel in phases. It will eventually cater to 60 million passengers per year. The concession agreement for Navi Mumbai International Airport was signed on 8 January 2018 between Navi Mumbai International Airport and CIDCO.
Yes Bank will be the lead bank and mandate lead arranger for Phase-I and Phase-II of the Navi Mumbai Airport project. The initial concession period is 30 years from the appointed date which is extendable for a further 10 years.
The company has arranged its debt funding requirements for the Phase-I of the project from Yes Bank and is in the process of finalising the financing and security documents. Ninety four percent of land development works have been completed as on 30 April 2019 while around 85 percent of structures at the site have been demolished and vacated by CIDCO.