MIAL gets Cabinet nod for airport project.

The State Cabinet recently approved the decision to allow the GVK-led Mumbai International Airport Limited (MIAL), which owns and operates the Mumbai airport, to construct the greenfield Navi Mumbai International Airport.

Though four bidders-GMR Airports Ltd., MIAL, MIA Infrastructure Ltd. (a joint venture of Tata Realty and VINCI Airport Concessions) and Voluptas Developers Pvt Ltd. (a consortium of Hiranandani Group and Zurich Airports) - were pre-qualified in the bidding stage since in May 2015, only two of them submitted financial bids after the process started on February 5 this year.

The bids were opened on February 15, and MIAL was the highest bidder as it offered 12.6% share of the annual gross revenue of the project. However, the selection required approval from the State Cabinet.

With Cabinet approval, the work is now expected to gain momentum.

THE HINDU