Nagarjuna, Maytas Infra to develop Karnataka airports

MUMBAI: Nagarjuna Construction Company and Maytas Infra have entered into a project development agreement with the Infrastructure Development Department of Karnataka to develop and operate airports proposed at Gulbarga and Shimoga on a BOT basis.

The Karnataka government had selected a consortium of NCC Infrastructure Holdings, Maytas Infra and VIE India Project Development and Holding LLC to develop and operate airports the proposed at Gulbarga and Shimoga on a BOT basis. These would be green field projects under public-private-partnership.

Two separate companies will be set up, where the details of consortium partners and shareholding pattern of NCC Infrastructure, Maytas Infra and VIE are 37 per cent, 37 per cent and 26 per cent respectively.

The construction period is 24 months and the concession period is 30 years extendable by an additional 30 years.