Navi Mumbai international Airport has cleared the revised bidding rules prepared by CIDCO.
The clearance was approved by the Ministry on 21st July 2104. As the promoter of the project, CIDCO had submitted the initial draft of the tender document to the centre in 2013.
As per the new and revised bids it is cleared that the airlines can now hold upto 26 per cent stake in the private consortium that bids for the airport. In all, 74 per cent stake will be held by the private consortium, while CIDCO will retain the remaining 26 per cent.
Cidco will bear the cost of Rs 2,375 crore out of the 14,575 crore estimated for the project and the remaining Rs 12,220 crore will be invested by the successful private bidder.
The maximum period for recovery of investment for the airport operator has been hiked from 30 to 60 years. The project is still in the planning stage mainly due to the land acquisition issues as it was first envisaged in 1998.
The last date for submitting qualification bids for the airport project is 2 September, 2014.