Navi Mumbai airport update: Adani has invested over Rs 8000 crore so far, first of four terminals to open in…

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The start of operations of the Navi Mumbai International Airport is eagerly awaited. The second airport of the Mumbai Metropolitan Region (MMR) is expected to significantly decongest Mumbai’s Chhatrapati Shivaji Maharaj International Airport. The billionaire Gautam Adani-led conglomerate is aiming to kickstart the new airport by December 2024, a new report has claimed citing people directly aware of the matter.

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The Adani Group which is building the Navi Mumbai airport has invested around Rs 8,625 crore in the project so far, according to a LiveMint Report. It added that Adani plans to start one of the four international passenger terminals at the Navi Mumbai airport by then with a capacity to manage two crore passengers and three lakh tonnes of cargo annually. 

The nearly billion dollar investment comprises equity infusion of Rs 1,710 crore by Adani, Rs 3,655 crore equity by JV partner City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) and Rs 2,900 crore in term loans from a banking consortium.

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An additional investment of around Rs 1,511 crore will be made by Adani-CIDCO moving forward, LiveMint reported. The development comes some months after businessman Gautam Adani told group shareholders that operational readiness for the Navi Mumbai airport is targeted for December next year. 

The total investment of the Navi Mumbai airport project has been pegged at Rs 20,853 crore. The airport was first proposed back in 1999. The project being built in over 1000 hectares area in its entirety aims to handle up to 9 crore passengers and 25 lakh tonnes of cargo per year. Navi Mumbai airport will be around 35 kms away from Mumbai airport.

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Apart from four terminals for passengers, the airport will also have two cargo terminals and one for general aviation. It will offer two runways. The entire airport’s completion timeline is set for 2032.