GMR, Tatas to stay out of Rs 16,000-crore Navi Mumbai airport bid

 

LATEST NEWS –  The GMR Group and Tata Realty will not bid for the Navi Mumbai airport project, citing “onerous” bid conditions, among other reasons. “We are not bidding on account of project implementation and execution challenges as well as onerous timelines and bid conditions,” a GMR Group spokesperson said.
This means there will be only two companies — GVK-led Mumbai International Airport (MIAL) and Hiranandani Developers-Zurich Airport consortium — in the race for the Rs 16,000-crore project.
This is the second recent instance of qualified companies not participating in financial bids. Last August, GVK Group and Hiranandani Developers did not submit financial offers for the Goa airport and the GMR Group won the bid.
Financial bids for the much-delayed project will open next Monday. The Navi Mumbai airport will be developed through a public-private partnership and the planning authority, City and Industrial Development Corporation (Cidco), will hold 26% stake in the project. MIAL, which operates the airport, has the right of first refusal and it can revise its bid if it is 10% below the highest offer. READ MORE
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