GVK wins Navi Mumbai airport bid, edges out GMR Group

 

LATEST NEWS – GVK-led Mumbai International Airport Limited has won the bid for Navi Mumbai airport by edging out rival GMR group. GVK, which runs the Mumbai and Bengaluru airports, offered 12.60 per cent in revenue share to the project implementing authority City and Industrial Development Corporation (CIDCO). GMR had offered 10.44% of revenue share.

Bids were received on Monday afternoon. The much-delayed project failed to attract any bidder on two earlier occasions and CIDCO was forced to make changes in project conditions.

Navi Mumbai airport siteNavi Mumbai
Bids for the Rs 16,000-crore airport opened today after two extensions. Apart from GVK, GMR, Tata Realty and Hiranandani Developers were in fray but the two companies did not submit financial offers.

CIDCO joint managing director Prajakta Lavangate told Business Standard: “MIAL has offered us 12.60 per cent revenue share while GMR group offered 10.44 per cent. CIDCO’s technical evaluation committee will meet on Tuesday to evaluate the offer following which it will be submitted to the state government’s project monitoring and implementation committee. The bid will later be submitted to the state cabinet for its final approval. The letter of intent will be awarded within a month after the state cabinet’s nod and later the concession agreement will be signed with the selected bidder.” READ MORE

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