Maytas Infra Limited, NCC Infra Hyderabad based construction and infrastructure development Companies today announced that they have signed a Project Development Agreement (PDA) with the Infrastructure Development Department (IDD), Government of Karnataka to develop and operate airports proposed at Gulbarga and Shimoga on a BOT basis. The PDA was signed by Mr. Teja Raju, Vice Chairman, Maytas Infra Limited, Mr. Renuka Prasad, Deputy Secretary, IDD on behalf of Government of Karnataka at Vidhan Soudha, Bangalore. Also present on the occasion were Mr. Rameshwar Thakur, His Excellency the Governor of Karnataka, Mr. S Krishna Kumar, Advisor to His Excellency the Governor of Karnataka, Mr. Sudhakar Rao, Chief Secretary and Raghu Alluri, Head-Projects, NCC Infra.

Infrastructure Development Department, Government of Karnataka had selected a consortium of Maytas Infra, NCC Infrastructure Holdings Ltd (NCC) and VIE India Project Development and Holding LLC (VIE) to develop and operate airports proposed at Gulbarga and Shimoga on a BOT basis. These would be green field projects under PPP (Public Private Partnership).

Two separate Special Purpose Companies (SPCs) will be set up for the above said purpose where the details of Consortium Partners and shareholding pattern of Maytas Infra, NCC 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 extendable by an additional 30 years.

Development of airports in these cities will eventually lead to airside and landside development which will include construction and development of runway, terminal, ancillary buildings and other infrastructure. Once the project starts, these cities will see an all round development in and around the airport including better road connectivity, facilities for VIP movements, construction of hotels, convention centers, business, corporate and technology parks, recreation facilities and so on. This 360 degree development will improve the lifestyle of the cities along with generating huge employment opportunities.

Sourced From: Perfect Relations Limited

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