Foundation Stone laid for Gulbarga airport project

Hyderabad: The foundation stone for a regional ‘greenfield’ airport was laid at Gulbarga by the Karnataka Chief Minister, Mr B.S. Yeddyurappa.

The airport is being developed by a consortium led by the Hyderabad-based Maytas Infra Ltd. NCC Infrastructure Holdings Ltd (NCC) and VIE India Project Development and Holding LLC (VIE) are the other consortia partners.

The consortium would develop and operate the airport on a BOT basis which would be a greenfield project under public-private partnership model, Maytas Infra said in a notification to the BSE.

A separate special purpose company has been set up for the above said purpose where the consortium partners Maytas Infra, NCC and VIE will have a shareholding pattern of 37 per cent, 37 per cent and 26 per, cent respectively.

The construction period of the project is 24 months from the date of signing the agreement with a concession period of 30 years extendable by an additional 30 years term.

Speaking at the function last week, Mr Teja Raju, Vice-Chairman, Maytas Infra, said, “The project will be executed with highest standards of terminal technologies and transport facilities”.