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Corporates may be lured by Navi Mumbai airport project news
23 November 2010

GVK Power & Infrastructure Ltd said its venture running Mumbai's airport would bid to manage a planned second airfield in Mumbai according to Bloomberg.

Bloomberg quoted A Issac George chief financial officer of GVK Power, as saying that the company would certainly put in a bid. Mumbai International Airport Pvt is 37 per cent owned by GVK and has the right of first refusal on the airport, under the terms of a deal it signed when it took over the existing airport in 2006.

Anil Dhirubhai Ambani Group company, Reliance Infrastructure Ltd, also said it may compete for the 74 per cent stake, the government is offering in the planned Rs150 billion airport in Navi Mumbai.

Meanwhile, GVK is also expanding the current airport as demand for air travel expands in an economy growing more than 8 per cent a year.

The new airport will have an annual capacity of 10 million passengers with the completion of the first phase by 2014, according to an unnamed government official quoted by Bloomberg.

Bloomberg quoted Manish Kalghatgi, a company spokesman, as saying in an email that if the GVK group's offer was within 10 per cent of the highest bid the group had the right to match the winning tender.

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Corporates may be lured by Navi Mumbai airport project