GVK Power signs agreement for Navi Mumbai airport

GVK Power signs agreement for Navi Mumbai airport

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GVK Power & Infrastructure has announced the signing of the Concession Agreement for the Navi Mumbai International Airport project. The concession agreement has been signed through the creation of SPV

Mumbai International Airport, subsidiary of the company holds 74%, while CIDCO holds the balance 26% in the equity capital of Navi Mumbai International Airport.

The initial concession period is 30 years from the appointed date which is extendable for further 10 years.

The stock surged by 4.5% at Rs. 22.05.The stock has hit a high of Rs.22.15 and a low of Rs. 21.50.