Mumbai airport kicks off first phase of revamp plan
MUMBAI (Reuters) - India's GVK Group-led consortium in charge of modernising the Mumbai airport on Thursday laid out phase one of the project that would remodel terminals, build roads, and create infrastructure over the next 5 years.
The project, to cost 52 billion rupees, is part of a larger 20-year, 70-billion-rupee plan to double capacity to 40 million passengers at one of India's busiest airports by 2014.
"As an interim measure, we are upgrading terminals at both domestic and international airport complexes, by 2008," Sanjay Reddy, managing director of Mumbai International Airport Pvt. Ltd. (MIAL), told reporters.
A new international terminal, multi-level car parks and new access roads would also be completed by 2010, Reddy said.MIAL is a 74:26 joint venture of a consortium of India's GVK group, Airports Company South Africa Ltd. and Bidvest Group Ltd. with the state-run airports operator. The consortium won the contract in February.Reddy expects about 70-80 acres of land to be available for commercial development, but said this could increase once detailed plans are drawn up."Our first priority is development of terminals. We don't want to block land right now for commercial development," he said.MIAL aims to finish the first phase by 2010, and has tied up funds from domestic institutions, led by Unit Trust of India and Industrial Development bank of India, Reddy said."MIAL will bring in 20 percent equity, while the balance will be loans from these institutions," he said.
MIAL is a 74:26 joint venture of a consortium of India's GVK group, Airports Company South Africa Ltd. and Bidvest Group Ltd. with the state-run airports operator. The consortium won the contract in February.
Reddy expects about 70-80 acres of land to be available for commercial development, but said this could increase once detailed plans are drawn up.
"Our first priority is development of terminals. We don't want to block land right now for commercial development," he said.
MIAL aims to finish the first phase by 2010, and has tied up funds from domestic institutions, led by Unit Trust of India and Industrial Development bank of India, Reddy said.
"MIAL will bring in 20 percent equity, while the balance will be loans from these institutions," he said. He ruled out a public offer in the near future.
Source : Reuters
The project, to cost 52 billion rupees, is part of a larger 20-year, 70-billion-rupee plan to double capacity to 40 million passengers at one of India's busiest airports by 2014.
"As an interim measure, we are upgrading terminals at both domestic and international airport complexes, by 2008," Sanjay Reddy, managing director of Mumbai International Airport Pvt. Ltd. (MIAL), told reporters.
A new international terminal, multi-level car parks and new access roads would also be completed by 2010, Reddy said.MIAL is a 74:26 joint venture of a consortium of India's GVK group, Airports Company South Africa Ltd. and Bidvest Group Ltd. with the state-run airports operator. The consortium won the contract in February.Reddy expects about 70-80 acres of land to be available for commercial development, but said this could increase once detailed plans are drawn up."Our first priority is development of terminals. We don't want to block land right now for commercial development," he said.MIAL aims to finish the first phase by 2010, and has tied up funds from domestic institutions, led by Unit Trust of India and Industrial Development bank of India, Reddy said."MIAL will bring in 20 percent equity, while the balance will be loans from these institutions," he said.
MIAL is a 74:26 joint venture of a consortium of India's GVK group, Airports Company South Africa Ltd. and Bidvest Group Ltd. with the state-run airports operator. The consortium won the contract in February.
Reddy expects about 70-80 acres of land to be available for commercial development, but said this could increase once detailed plans are drawn up.
"Our first priority is development of terminals. We don't want to block land right now for commercial development," he said.
MIAL aims to finish the first phase by 2010, and has tied up funds from domestic institutions, led by Unit Trust of India and Industrial Development bank of India, Reddy said.
"MIAL will bring in 20 percent equity, while the balance will be loans from these institutions," he said. He ruled out a public offer in the near future.
Source : Reuters
posted by anandsonline @ Friday, October 13, 2006
0 Comments:
Post a Comment
<< Home