CIDCO signs agreement with NMIAL & land development contractors for airport

By Accommodation Times Bureau


City and Industrial Development Corporation (CIDCO) and the Concessionaire, GVK led Navi Mumbai International Airport Pvt Ltd., signed off the achievement of Appointed Date, earmarking the start of the Navi Mumbai Airport Concession on Saturday.

In the presence of CM Devendra Fadnavis, this agreement was executed.

Appointed Date is the date on which every Condition Precedent (CP) is either satisfied or waived and has a great significance in PPP projects wherein the Concessionaire officially commits to the project. In case of NMIA, the Appointed Date was to be achieved within 180 days from the signing of Concession Agreement, i.e. 8th January 2018 and the same has been successfully completed.

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