Following the Adani group’s financial takeover of GVK Airport Developers’ debt and share of Mumbai International Airport Limited (MIAL), the group will now reportedly review the design of the Navi Mumbai international airport. It’s worth noting that MIAL holds 74 per cent equity in the Navi Mumbai International Airport.
Sources now claim that the design of the proposed airport in Navi Mumbai will be reviewed while deadlines will have to be extended pending permission from City and Industrial Development Corporation (CIDCO) and the Nodal Airport Authority.
The initial appointment date was signed in July 2018 with a deadline of 41 months set at the time. Since the original deadlines weren’t met, authorities are now offering a more realistic deadline of 2024 for the new airport.
Also Read - Adani Group Confirms Acquisition Of 74% Stake In MIAL
As per other sources, the first phase of this ambitious greenfield airport project is expected to cost around ₹11,000 crores. Some of the costs reportedly include the establishment of an Air Traffic Control tower as well as the building of a new terminal building and runway for flight operations to partially begin.
It is said that the Adani Group may acquire international funding for the project given that it raises a lot of its funds via international lenders. Meanwhile, the group is also believed to be in talks with a consortium led by the State Bank of India for the funding of this project.
Overall, the project is expected to be fast tracked in the coming days as a small number of villagers will need to be relocated or compensated while the Ulwe hill will undergo cutting over the coming months.
The authorities are now pitching a 2024 timeline for the first flight to take off from the Navi Mumbai International Airport. The delay is mostly attributed to the coronavirus pandemic which has halted several essential infrastructure projects across the state.
Though MIAL had initially completed the financial closures with Yes Bank in 2018, it later had to withdraw the deal as Yes Bank came under scrutiny for some of its undertakings.
Also read - Navi Mumbai Airport: Maharashtra Government Forms Task Force To Accelerate Construction
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