Navi Mumbai: The Navi Mumbai International Airport may still get delayed as GVK, the majority shareholder has asked the City and Industrial Development Corporation of Maharashtra Ltd. (CIDCO), who holds 26 % of equity in the SPV—Navi Mumbai international airport limited (NMIL), to hand over a fully vacant land to begin construction work.
Since 2018, CIDCO has cleared 97% of the land, demolishing all structures but the land is yet to be encumbrance free, as the Mumbai international airport limited (MIAL) that has 74% equity in the SPV-NMIAL that will develop the airport, had demanded recently.
Apparently, the SPV has not yet issued the work order to L&T.
GVK has informed that work won’t commence unless encumbrance free land was handed over just like in the case of Bengaluru and Hyderabad airports. GVK had constructed the Bengaluru airport.
In the meanwhile, MIAL has informed that it will issue work order only when the entire airport land was vacated and handed over.
Officials at CIDCO informed that though they were positive about vacating the airport land in entirety, there was a provision in the agreement that allowed simultaneous development work during the process of eviction.
Last Updated on March 13, 2020 by Staff Reporter
