Joint venture for upgrading Nagpur airport approved

February 11th, 2009 - 8:51 pm ICT by IANS  

New Delhi, Feb 11 (IANS) The government Wednesday approved a joint venture between the Airports Authority of India (AAI) and Maharashtra Airport Development Co (MADC) - promoted by the Maharashtra government - for developing the Nagpur airport as a multi-modal international passenger and cargo hub.
The government in a statement said AAI, India’s airports operator, would hold 49 percent while MADC will have a 51 percent equity in the joint venture.

AAI, which has been permitted to invest Rs.490 million (Rs.4.9 crore) in the venture, will hand over all its assets at Nagpur airport to MADC by the month-end, the government said.

The Nagpur airport modernisation programme also includes a special economic zone (SEZ) besides a second airstrip, which would be 60 metres wide and 4,000 metres long.

The new airstrip would facilitate the landing and take-off of aircraft at the maintenance, repair and overhaul hub being set up here by aviation major Boeing and Air India.

The basic infrastructure and facilities at the SEZ is expected to complete by the year-end.

Tags: , , , , , , , , , , , , , , , , ,

Posted in Business |