MADC-AAI and Private players a JV for Mihan
Urban Development Department Secretary Manu Kumar Srivastava has been appointed as new Director of Joint Venture Company (JVC) of Maharashtra Airport Development Company and Airport Authority of India (AAI) formed to manage the ambitious Multimodal International Hub Airport at Nagpur (MIHAN). He is one of the Director amongst five of the new JV company.
The new board of directors will manage future growth and development of the MIHAN. The process of forming the first JVC is in progress and the company is all set to get registration in the name of MIHAN India Private Limited.
MADC will nominate three directors and AAI will appoint two directors on the new company. R C Sinha, Vice Chairman and Managing Director of MADC and Manu Kumar Srivastava have been nominated as directors of the new company from MADC while AAI is yet to finalise their directors. Sources informed that after registration of new company, the board of directors will elect its Chairman, however, it seems that R C Sinha is likely to be elected as first Chairman of the company. Sources confirmed that this would be the additional responsibility to Srivastava. Presently, he is working as Secretary, Urban Development Department looking after functioning of Urban Local Bodies and special projects and will continue to be so.
Sources informed that after formation of new Joint Venture, the company will select new partner through international bidding process for the development of the Nagpur Airport and MIHAN. The new JVC and private player will again form second JVC. In second JVC, the AAI will have stake of existing Nagpur airport while MADC has around 2,000 hectares of land, the third partner- private player, will invest money for the development of Airport and MIHAN. According to cabinet decision, in the proposed second JVC, private player will have 74 per cent stake while MADC-AAI will have 26 per cent equity.
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