Moreover, it proposes to build the first and second phases together. MIAL on Monday submitted a revised plan for the Navi Mumbai International Airport (NMIA) to City and Industrial Development Corp (CIDCO). CIDCO spokesperson Mohan Ninawe told FE that CIDCO has submitted the revised plan to the ministry of civil aviation (MoCA) for its approval.
While the earlier plan was to build a runway and terminal building in each of the two phases, the new plan is to build the runway and two terminal buildings in the first phase with a capacity of 20 million passengers per annum. The new plan also includes two more phases that will take the total capacity to 90 million passengers.
The new plan also has an implication on the cost. Initially, the cost of the entire project was estimated by CIDCO at Rs 16,000 crore. However, implementing both the first and second phases together will cost a little in excess of Rs 20,000 crore. The total cost of the entire project will be known only after GVK finalises the plans for the two remaining phases of construction.
GVK said last month it has achieved financial closure for the project, with Yes Bank as the lead bank and lead syndicate, without disclosing details. Ratings and research agency Crisil last month said GVK may monetise land around the Mumbai airport to raise equity for NMIA.
CIDCO is targeting completion of the first phase by December 2019. However, industry sources and experts say this could be difficult and the airport could take at least four-five years. During L&T’s quarterly results announcement, Shankar Raman, CFO, L&T, indicated the company may be in discussions with GVK to win the contract to build NMIA, among several infrastructure projects. L&T is also constructing the Mumbai Trans Harbour Link, which is proposed to link NMIA to the Mumbai mainland and will help generate traffic volumes for NMIA.