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States » West


CIDCO board gives nod for investing Rs 25.50 cr in SPV for proposed Purandar airport

Thane, Jul 11 (UNI) The board of City and Industrial Development Corporation of Maharashtra (CIDCO) has given a nod for investing Rs 25.50 crore towards subscription of initial equity shares out of its total equity of 51 per cent in special purpose vehicle (SPV) for the development of the proposed international airport at Purandar in Pune district.
The Purandar airport will be developed by the Maharashtra Airport Development Authority, which is
the “nodal agency” for all the airports in the state.
The Maharashtra government has allowed CIDCO to have maximum shareholding of 51 per cent, followed by MADC with 19 pc and MIDC and PMRDA will each have 15 per cent shareholding in the SPV, a CIDCO statement stated here.
Under the shareholding agreement, MADC will invest Rs 760 crore and CIDCO’s total estimated investment will be Rs 2,040 crore in this airport project.
Out of which, Rs 25.50 crore will be remitted within 30 days from the incorporation of SVP and the balance amount will be remitted in stages.
The vice-chariman & managing director of CIDCO has been appointed as chairman of the Board of SVP, which will have total 14 members.
All matters related to the acquisition, compensation and rehabilitation will be the responsibility of the district collector, Pune, the statement added.
UNI XR SS SY 2307
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