#RealtyNewsRoundUp: GVK Signs Concession Pact With Cidco For Navi Mumbai Airport SPV

GVK Power and Infrastructure on January 8 said it had signed a concession agreement with City and Industrial Development Corporation (Cidco) to create a special purpose vehicle (SPV) for developing the state's ambitious Navi Mumbai International Airport. GVK through its subsidiary Mumbai International Airport (MIAL) held 74 per cent equity shares of the SPV-Navi Mumbai International Airport (NMIAL) while Cidco holds the remaining 26 per cent, the company said in a statement. The initial concession period was 30 years from the appointed date which was extendable for a further 10 years, it said.

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Around three to four foreign banks are likely to soon set up shop at International Financial Services Centre (IFSC) in Gujarat's Gujarat International Finance Tec-City (GIFT City), and are waiting for the Reserve Bank of India (RBI) to issue certain operating guidelines. Currently, 11 domestic lenders, including State Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Bank of Baroda, have opened their businesses at GIFT City. The financial transactions by these banks have crossed $8 billion.

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The Mumbai civic body has razed illegal extensions and constructions in an eight-storey residential building owned by Bharatiya Janata Party Member of Parliament (MP) Shatrughan Sinha in the Juhu area. The Brihanmumbai Municipal Corporation (BMC) had received several complaints of illegal extensions in Sinha's residence Ramayan in the last few months. Subsequently, notices were also served to him, a civic official said on January 9.

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Delhi Lieutenant-Governor (L-G) Anil Baijal on January 8 asked all the three civic bodies – East, North and South – to develop a common mobile application (app) to monitor any deficiencies in cleanliness initiatives in their respective jurisdiction. Baijal also directed that all works relating to mechanical sweeping of roads and solid-waste management be completed within eight months. The directions were issued at a meeting chaired by the L-G to review progress of cleanliness initiatives of the three municipal corporations.

Source: Media reports