News Column

India : INDIA: NAVI MUMBAI AIRPORT secures nods from MoCA to raise airlines investments to 26%

August 11, 2014

The Navi Mumbai Airport has secured conditional approval from the Ministry of Civil Aviation (MoCA), Government of India, on the issue of raising equity from airline companies.

The MoCA has permitted the airport, which is being set up via Public-Private Partnership (PPP) model, to lift not more than 26% of its equity from airlines. But the participating airlines will not be allowed to have any representation on the Navi Mumbai Airport Board.

The City and Industrial Development Corp. of Maharashtra Ltd (CIDCO) is developing Mumbai s second airport in Navi Mumbai, which covers an area of 1,160 hectares. The new gateway will be able to handle 60 million passengers per annum.

The airport had earlier requested the Civil Aviation Ministry to raise the figure to 26%.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters