Cidco to spend Rs 2,700 cr on initial work at Navi Mumbai airport

By: and |
Mumbai | Published: August 6, 2015 12:04:42 AM

The government-controlled City and Industrial Development Corporation (Cidco), the nodal agency responsible for the development of the Navi Mumbai International Airport, will incur a R2,700-crore investment on pre-development work at the airport that is expected to start from October.

The government-controlled City and Industrial Development Corporation (Cidco), the nodal agency responsible for the development of the Navi Mumbai International Airport, will incur a R2,700-crore investment on pre-development work at the airport that is expected to start from October.

“Cidco has already floated an e-tender to award the pre-development work. It will also give a soft loan of R2,700 crore to the winner of the process, which has to be duly returned to the nodal agency after 10 years without any interest costs,” said a senior Cidco official.

The pre-development work at the Navi Mumbai International Airport consists of diversion of the Ulwe river to a canal, clearing, levelling and reclamation of marshy land, increasing the level of land from 0-2 metres to 5 metres above mean sea level, flattening of hillocks, and relocation of power lines.

“Cidco will hand over the supervision of the pre-development work or the role of project monitor to the winning bidder by December 2015/January 2016,” the official said.

“Though we expect to announce the winning bidder by December, the partner is expected to complete its financial closure (raise the required funds for the project) only by June-July 2016,” the official added.

Cidco, which holds 26% stake in the project, is currently examining the request for qualification (RFQ) bids from four parties — GVK, GMR, a joint venture (JV) between Zurich Airport and Hiranandani Group and a Tata Sons-led consortium.

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