On 2 April 2008, NCC Infrastructure
Holdings and Maytas Infra, Hyderabad signed a project development agreement
(PDA) with the Infrastructure Development Department (IDD), Government of
Karnataka to develop and operate airports proposed at
Gulbarga and
Shimoga on a BOT basis.
Two separate special purpose vehicles
will be set up for the above said purpose where the details of consortium
partners and shareholding pattern of NCCIHL, Maytas Infra and VIE are 37 per
cent, 37 per cent and 26 per cent respectively. The construction period is 24
months from the date of signing the agreement and the concession period is 30
years extendable by an additional 30 years.