MIAL gets approval to build Navi Mumbai international airport

October 25, 2017: The Maharashtra Cabinet has given a formal approval to Mumbai International Airport Pvt. Ltd. (MIAL) of the GVK Group to build a second airport for Mumbai at Ulwe for Rs 16,000 crore.

According to a press statement issued by the Chief Minister of Maharashtra's office, the decision will further propel the project, which is expected to be completed by December 2019. The greenfield project would be spread over 1,160 hectares and it would be built on PPP basis.

The new airport is likely to de-congest the aviation traffic in the city, where the central bank, equity and bond markets and the Indian film industry are located. The move comes after the high-level Project Monitoring and Implementation Committee gave its nod to the project last week. The project has also reportedly been given the Stage 2 environmental clearance.

Apart from MIAL, which is a joint venture between the GVK Group and Airports Authority of India, GMR Infrastructure was also competing to win the contract.