Cidco to pick initial equity in new Pune int'l airport soon

The Navi Mumbai town planning body Cidco has decided to release Rs 25.50 crore to subscribe initial equity shares, out of its total equity of 51 percent in the special purpose vehicle that will be developing the proposed greenfield Pune international airport at Purandar. The new international airport will be built at an estimated investment of Rs 14,000 crore.

While Cidco will invest Rs 2,040 crore in the proposed airport in lieu of a 51 percent stake, Maharashtra Airport Development Company will hold 19 percent stake for Rs 760 crore, and the rest 30 percent will be divided between Maharashtra Industrial Development Corporation and the Pune Metropolitan Region Development Authority, Cidco said in a statement Thursday. Of its total investment of Rs 2,040 crore, Rs 25.50 crore will be remitted within 30 days from the incorporation of the special purpose vehicle and the balance will be remitted in stages, it added.

The new airport is expected to come up at an estimated cost of Rs 14,000 crore and will be spread across an area of 2,400 hectares. It is not immediately known who will fund the rest of the investment for the airport..