Mumbai, Jan 8 (PTI) GVK Power and Infrastructure(GVKPIL) today said it has signed a concession agreement withCidco to create a special purpose vehicle for developing thestate's much ambitious Navi Mumbai International Airport.GVK through its subsidiary, Mumbai InternationalAirport (MIAL) holds 74 per cent equity shares of the SPV-Navi Mumbai International Airport (NMIAL) while Cidco holdsthe balance 26 per cent, the company said in a statementissued here.The initial concession period is 30 years from theappointed date which is extendable for a further 10 years, itsaid."With the continued support of the Centre andMaharashtra government, Cidco and all our stakeholders, we areconfident of creating and delivering the much needed secondairport for the twin cities of Mumbai and Navi Mumbai,"company's founder chairman and managing director GVK Reddysaid.MIAL was declared the successful bidder in Februarylast year for the Navi Mumbai airport project and had receivedthe Letter of Award from Cidco on October 25, 2017.The 16,000 crore greenfield airport will be built on1,160 hectares on public private partnership mode.The first phase of the airport is expected to beoperational in 2019 and will be able to handle 10 millionpassengers annually.The new airport is estimated to handle 60 million passengers by 2030 when it is expected to operate at full capacity.

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