IRB Infrastructure Developers has forayed into airport development. The company was chosen bidder for the development of a greenfield airport in Sindhudurg district of Maharashtra and got letter of approval from Maharashtra Industrial Development Corporation (MIDC) on August 3.
MIDC will allot 650 acres of land to IRB for development of the said project. The cost of phase-I of putting up the airport itself will be about Rs 150 crore. The commercial development will be planned separately.
This is the first time IRB has forayed into airport development. The project is on design, built, finance and operate (DBFO) basis. The construction period of DBFO based project is 18 months from the date of fulfillment of conditions precedent, while the concession period is 95 years.
V D Mhaiskar, chairman & managing director of IRB said, “We are delighted to take up MIDC’s greenfield airport development project, and look forward to tackling this new project with our customary dedication and commitment to quality and time frame.” The company had bagged 4 BOT projects totaling Rs 4,300 crore from NHAI in June 2009.
