GVK Soars On Concession Agreement of Navi Mumbai Airport | CORPORATE ETHOS

GVK Soars On Concession Agreement of Navi Mumbai Airport

By: | January 8, 2018
gvk power and infrastructure

Jan 8: Secunderabad-based GVK Power & Infrastructure Ltd on Monday announced the signing of Concession Agreement for the Navi Mumbai International Airport project.

According to the company, the agreement has been signed through the creation of a Special Purpose Vehicle (SPV) viz., Navi Mumbai International Airport Pvt Ltd (NMIAL) with CIDCO, the nodal authority of the Government of Maharashtra for implementation of this project.

GVKPIL, through its subsidiary Mumbai International Airport Pvt Ltd (MIAL), holds 74% equity shares of NMIAL while CIDCO hold the balance 26%.

The initial concession period is 30 years from the appointed date which is extendable for a further 10 years, the company said.

Speaking on the occasion, GVK Reddy, Executive Chairman, MIAL, said, “we are delighted that GVK has got the opportunity to yet again display  its technical and managerial prowess in the airport sector after having created the award winning Mumbai airport, for developing and managing the Navi Mumbai International Airport. With the continued support of the Central government, the Maharashtra government, CIDCO and all our stakeholders, we are confident of creating and delivering the much needed second airport for the twin cities of Mumbai and Navi Mumbai.”

GVK Power is a holding company which operates in energy, airports, transportation and has presence in other business, such as resources and urban infrastructures.

GVK shares jumped nearly 5% to touch a new 52-week high of Rs 21.10 intraday today on BSE after the news came in. At 3.34 pm, the Re 1 face value shares were trading at Rs 21.10, up 4.98% from the previous closing of Rs 20.10.