The International Civil Aviation Organisation has approved the setting up of a greenfield airport in Mumbai. The approval, which is based on a detailed technical feasibility study, is for a new airport at Panvel in Navi Mumbai.

The Union civil aviation ministry has proposed to develop the airport with private sector participation, on the lines of the Bangalore and Hyderabad airports. A special purpose vehicle having 74 per cent private sector equity would be formed to implement the project. The remainder would be jointly held by Cidco (representing the Maharashtra government) and Airports Authority of India (standing for the Union civil aviation ministry).

According to reports, Cidco has already acquired 95 per cent of the total land requirement, which is estimated at 950 ha. The airport would cost around Rs.2,500 crore.

ProjectsToday adds: It may be recalled that on 8 December 2005, the Union civil aviation had mooted the proposal for a new airport near Mumbai even as the plans for modernizing the existing Mumbai international airport were intact. Prior to this development, in August 2005, the Parliamentary Standing Committee on Transport, Tourism and Culture opined that investing "huge money" for modernisation of the Mumbai and Delhi airports could be wasteful, and had recommended that the construction of greenfield airports with more capacity might be a better alternative, in terms of investment needed.