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Indian Stock Market; Navi Mumbai International Airport project

GVK has been finalised by Maharashtra's CIDCO to construct the upcoming Rs 16,000 crore Navi Mumbai International Airport project, an official said here on Monday. GVK, which currently manages the Mumbai International Airport Ltd, submitted the highest revenue sharing model of 12.6 percent per annum, while its sole closest competitor GMR, which managed the New Delhi airport, quoted a figure of 10.44 percent.

"Since the GVK bid is the best on the last day of the bidding process, the project will be awarded to them," City and Industrial Development Corporation (CIDCO) chief spokesperson Mohan Ninave told IANS. The new airport will be constructed on a public-private-partnership model (PPP) for which CIDCO will foot the pre-development expenses that will be later recovered from GVK.

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