The Maharashtra state government approved a fundraising plan of Rs 6,000 crore for the proposed greenfield international airport in Purandar, Pune, on Tuesday.
This funding will be raised through debt jointly by the Maharashtra Airport Development Corporation, the Maharashtra Industrial Development Corporation (MIDC), and the City Industrial Development Corporation (CIDCO), with guarantees provided by the state government.
Maharashtra Chief Minister Devendra Fadnavis announced the establishment of a Special Purpose Vehicle to facilitate raising the debt for the Pune airport.
He announced that the cabinet has approved the land acquisition for the airport project at Purandar and directed the administration to complete the acquisition by 2026. Approximately 1,216 hectares across seven villages need to be acquired for this project.
CM’s narrative of the issue
According to the Chief Minister, a majority of the farmers have agreed to relinquish their land for the airport. Additionally, the Chief Minister announced the creation of a new industrial estate in Indapur, near Pune, involving the transfer of 1,000 acres of land to the MIDC.
The state cabinet also revealed plans to accelerate the “Third Mumbai” initiative in the Shivdi-Atal Setu-Nhava Sheva area.
MMRDA to serve as planning authority
The Mumbai Metropolitan Region Development Authority (MMRDA) will serve as the planning authority to initiate the land acquisition process for Third Mumbai by following the acquisition procedures established by CIDCO and MIDC.
Furthermore, the cabinet approved the Water Resources Department’s plans to raise a loan of Rs 15,000 crore to complete 57 pending irrigation projects and 193 canal distribution systems over the next two years.