India's GVK Group-led consortium in charge of modernising the Mumbai airport on Thursday, laid out the phase for one of the projects that would remodel terminals, build roads, and create infrastructure over the next five years.
The project, to cost Rs 52 bn, is part of a larger 20-year, 70-billion-rupee plan to double capacity to 40 million passengers at one of India's busiest airports by 2014.
"As an interim measure, we are upgrading terminals at both domestic and international airport complexes, by 2008," Sanjay Reddy, managing director of Mumbai International Airport Pvt Ltd (MIAL), said.
A new international terminal, multi-level car parks and new access roads would also be completed by 2010, Reddy said.
MIAL is a 74:26 joint venture of a consortium of India's GVK group, Airports Company South Africa Ltd and Bidvest Group Ltd with the state-run airports operator. The consortium won the contract in February.
Reddy expects about 70-80 acres of land to be available for commercial development, but said this could increase once detailed plans are drawn up. "Our first priority is development of terminals. We don't want to block land right now for commercial development," he said.
MIAL aims to finish the first phase by 2010, and has tied up funds from domestic institutions, led by Unit Trust of India and Industrial Development bank of India, Reddy said.
"MIAL will bring in 20 per cent equity, while the balance will be loans from these institutions," he said. He ruled out a public offer in the near future.