Two Greenfield airport projects at Shimoga and Gulbarga in Karnataka stalled

December 16, 2008 Comments Off on Two Greenfield airport projects at Shimoga and Gulbarga in Karnataka stalled 197 Views

The Maytas-led consortium has taken a decision to put on hold its two Greenfield airport projects at Shimoga and Gulbarga in Karnataka due to the global recession. For now the projects are stalled and the partners will take the decision on it by end-2009, according to a report in Projects Today.

In 2007, Maytas-led consortium – comprising Hyderabad-based Nagarjuna Construction Company (NCC), Maytas and Vienna International Airport through its arm VIE India Project Development and Holding LLC- bagged an order to develop and operate both the airports.

Each of the airports was to be developed at an investment cost of Rs 100 crore and the consortium took up the projects on Build-Operate-Transfer (BOT) basis. In the current situation, the developers are finding it difficult to achieve financial closure for the projects.

About Devesh Agarwal

A electronics and automotive product management, marketing and branding expert, he was awarded a silver medal at the Lockheed Martin innovation competition 2010. He is ranked 6th on Mashable's list of aviation pros on Twitter and in addition to Bangalore Aviation, he has contributed to leading publications like Aviation Week, Conde Nast Traveller India, The Economic Times, and The Mint (a Wall Street Journal content partner). He remains a frequent flier and shares the good, the bad, and the ugly about the Indian aviation industry without fear or favour.

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