Hyderabad: The GVK Group, which is developing Navi Mumbai Airport, said on Wednesday that it is planning to spend to Rs 8,500 crore in the first phase to cater to 10 million passengers per annum.
Chairman GVK Reddy told the group's shareholders at its annual general meeting, "In the first phase, it is going to be about Rs 8,500 crore. It goes in phases. It will be 10 million passengers (in the first phase). Maybe by spending another Rs 2,500 crore or Rs 3,000 crore, another 20 million can go ahead. The project is on track and going on well."
The Navi Mumbai airport is based on a public-private model of ownership in which the GVK-led Mumbai International Airport holds a 74 percent stake and CIDCO, the Maharashtra government's nodal agency for the project, owns the remaining 26 percent.
The greenfield international airport will be spread over an area of 1,160 hectares and will be built in phases.
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It will eventually cater to 60 million passengers every year.
The concession agreement for the Navi Mumbai International Airport was signed on January 8, 2018 between Navi Mumbai International Airport and City and Industrial Development Corporation (CIDCO).
The initial concession period is 30 years from the appointed date which can be extended further for a period of 10 more years.
While responding to another query, GVK Group Chairman said that the company is planning to acquire the 13.5 percent in Mumbai International Airport Limited owned by South African firm Bid Services Division Mauritius or Bidvest.
Replying to another query, he said the group is determined to acquire the 13.5 per cent in Mumbai International Airport Limited owned by South African firm Bid Services Division Mauritius or Bidvest.