Adani Group likely to review Navi Mumbai airport design

NAVI MUMBAI: With the Adani group taking over

GVK airport developers

by buying its debt and all set for 100% shareholding, the largest greenfield airport project in the country in Navi Mumbai has a new roadmap.

The Rs 16,000 crore infra project's design will be reviewed, said sources, while financial closure for a fresh start will have to be completed. Nodal airport authority, Cidco, will have to give extension for the new deadline of completing the project.

The appointment date (AD) was inked in July 2018 with 41 months as the outer limit for the airport to be ready for first flight. The project missed deadlines.

Sources said the first phase of the project involves the major cost of Rs 11,000 crore, with one runway, terminal building, taxi way, and ATC tower besides other related works.

While talks for debt funding with SBI -led consortium is on, sources associated with the project said international borrowings was also a possibility because Adani group raises lot of funds from international lenders for its various companies.

Mumbai International Airport Limited ( MIAL) that has 74% equity in the SPV --Navi Mumbai International Airport Limited (

NMIAL

) had completed the financial closure with Yes Bank in 2018. But cancelled the deal, when the bank came under a scanner for its various transactions.

While financial talks are underway, sources said a major push for the project was now expected. With small numbers of villagers to exit from the core airport area, the remaining work of cutting the Ulwe hill and landfill work will speed up.

The new deadline for the first flight is pegged after 2024 because of the pandemic impacting the global and domestic economy; passenger traffic growth was the major issue.

Cidco, that has 26% stake in NMIAL, has undertaken Rs 3,420 crore of pre development works. The base cost of the twin city airport is Rs 12,580 crore.


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