To modernize the Mumbai airport; prominent Infrastructure and Power Developer firm GVK plans to monetize the real estate lands of the Mumbai international airport.

GVK plans to monetize Mumbai airport land with the aim to modernize it.

GVK Power & Infrastructure Ltd owned Mumbai International Airport Ltd (MIAL); a firm which is developing the Mumbai international airport now plans to monetize the allowed real estate land for monetizing.

While commenting on the issue, Mr. Isaac George Director of GVK Power, told that the initially GVK will monetize about 2.9 million sq. ft.  He added that the process will be initiated by the beginning of June this year. However, he did not reveal the details of the fund expected to be raised through monetization.

The monetization will be finalized only once it gets the approval of Maharashtra Chief Minister,who has already approved the plan as the chairman of Mumbai Metropolitan Regional Development Authority (MMRDA). Continue reading →