GVK Power locked in upper circuits, poised to win Navi Mumbai airport project
DSIJ Intelligence / 23 Oct 2017
The company is expected to secure the approval for developing the Navi Mumbai airport. The financial bid for the Rs. 16,000 crore project was made by Mumbai International Airport Limited (MIAL).
The stock of GVK Power & Infrastructure was struck in upper circuits on Monday. The stock was trading at Rs. 14.12 per share, higher by 4.98%. It hit a new 52-week high and witnessed only buyers.
The company is expected to secure the approval for developing the Navi Mumbai airport. The financial bid for the Rs. 16,000 crore project was made by Mumbai International Airport Limited (MIAL), which is a joint venture between the Airports Authority of India (AAI) and the GVK-led consortium.
The Maharashtra government's body, CIDCO is the nodal agency for the project, which will be built the airport through public-private partnership (PPP) model. MIAL will have 74 per cent equity in the project, while AAI and CIDCO will have 13 per cent each.
MIAL had early developed the Chhatrapati Shivaji International Airport in Mumbai, which it now operates.
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