More than ten years since the proposal was first mooted, Bangalore is finally going to get a new airport. A real one.
Paving the way for development of the first-ever ‘greenfield airport’ in the country, the government on Monday signed a concession agreement with Bangalore International Airport Company Ltd for it to come up at Devanahalli in Karnataka over the next 33 months.
The airport would be constructed through private-public partnership, with the joint venture company comprising Karnataka State Investment and Industries Development Corporation and Airports Authority of India as well as a consortium of Siemens (Germany), Unique Zurich (Switzerland) and Larsen and Toubro (India).
While KSIIDC and AAI would hold 26 per cent equity in the joint venture firm BIAL, the private consortium would hold the remaining 74 per cent. The total project cost of building the plush airport is estimated to be Rs 1,300 crore (Rs 13 billion). [Rediff]