The Civil Aviation Ministry has cleared the revised bidding norms for the Navi Mumbai International Airport project. The revised tender document prepared by CIDCO was cleared by the Ministry on 21 July, 2014.
CIDCO, the promoter of the project, had submitted the initial draft of the tender document to the Centre in 2013.
As per the revised document, airlines can now hold upto 26 per cent stake in the private consortium that bids for the airport. In all, 74 per cent stake will be held by the private consortium, while CIDCO will retain the remaining 26 per cent.
From the estimated project cost of Rs 14,575 crore, CIDCO's share is pegged at Rs 2,375 crore, while the remaining Rs 12,220 crore will be invested by the successful private bidder. The maximum period for recovery of investment for the airport operator has been hiked from 30 to 60 years.
The last date for submitting qualification bids for the airport project is 2 September, 2014.
The Navi Mumbai airport project, which was first envisaged in 1998, is still in the planning stage mainly due to land acquisition issues.
Related Link:
Project Profile