CIDCO signs agreement with NMIAL & land development contractors for airport

By Accommodation Times Bureau

NAVI MUMBAI

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.

The Construction Period and the Concession Period commence from the AD.

One of the major CPs completed today was the signing of Land Development Substitution Agreements, a tripartite agreement between CIDCO, NMIAL and the Land Development Contractors, wherein the existing land development contracts have been novated to the Concessionaire, for them to monitor and complete in accordance with the project timelines. The cost of these contracts will be borne by CIDCO, considered as a soft loan to the Concessionaire.

CIDCO had commenced Land Development Works at the airport site in April 2017.  Land Development Works, part of the Airport Pre-development Works, comprise three packages awarded to the contractors, (i) JV of M/s Thakur Infra & J.M. Mhatre, (ii) Gayatri Projects and (iii) JV of San Jose Constructor & GVK Projects.

These awarded land development works are expected to be completed by Dec. 2018. CIDCO has appointed M/s CEG Ltd as Independent Engineer for the Land Development Works. CIDCO has licensed more than 90 % of the airport site to NMIAL and the Concessionaire has in turn infused the initial equity of 10% of TPC.

NMIAL has also submitted the Master Plan which envisages the development of the airport in phases, with passenger and cargo capacity of 10 MPPA and 0.26 Million tons in the 1st Phase. The terminal building design has been awarded to the world famous Architects Zaha Hadid Associates, who have designed several eminent structures including the Beijing Airport Terminal.

The State Government Support Agreement (SGSA) and Shareholders Agreement (SHA) with NMIAL were signed on 8th Jan. 2018, in the presence of Chief Minister. The Memorandum of Understanding (MoU) with the Governmenet of India for proving the Reserved Services at NMIA was signed on 11th April 2018.

 





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