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The GVK-led Mumbai International Airport (P) Ltd (MIAL) was handed over the Letter of Award (LoA) from CIDCO, the nodal agency of the Government of Maharashtra for the Navi Mumbai International Airport. In February 2017, MIAL was declared the winning bidder for the Greenfield airport that will be built on 1,160 hectare in a PPP mode with CIDCO. MIAL will hold a 74 per cent stake while the remaining 26 per cent will be with CIDCO.
Dr GVK Reddy, Executive Chairman, MIAL, and Founder Chairman of GVK, said, 'We are excited that GVK has been awarded this exciting project. In collaboration with CIDCO, the Government of Maharashtra and the Government of India, we are confident of providing yet another landmark airport for the city of Mumbai. The invaluable experience that our team gained whilst developing the Mumbai airport will be very useful and will enable us to deliver yet another world class facility. GVK is committed to develop its airport business globally and the award of the Navi Mumbai project to us is another major step in this direction.'