Nagarjuna Construction consortium to develop Gulbarga and Shimoga airports in Karnataka | INRnews
Bangalore, November 20, 2007 - Nagarjuna Construction Company Ltd has announced that Infrastructure Development Department, Government of Karnataka, has selected a consortium of Maytas Infra Ltd (Maytas), NCC Infrastructure Holdings Ltd., (A 100% subsidiary of the Company) and VIE India Project Development and Holding LLC (VIE) to develop and operate airport proposed at Gulbarga and Shimoga on BOT basis.
Two separate Special Purpose Companies are to be set up for the above said purpose and the details of Consortium Partners and shareholding pattern of Maytas, NCC Infrastructure Holdings Ltd., and VIE are 37%, 37% and 26% respectively.
The Construction Period is 24 months from the date of signing the agreement and the Concession Period is 30 years and the Agreement shall at the option of Consortium be extended for a further period of 30 years.
By INRnews Correspondent