Tuesday, June 28, 2005

This time its real: BIAL set for take-off

Devanahalli airport to be ready by 2008
Financial Closure Done
• 30-Month Work To Begin On July 2
The Times of India

Bangalore: Finally, countdown for the construction and completion of the much-awaited Bangalore International Airport at Devanahalli has begun. The work on the airport, to begin on July 2 this year, will last for 30 months. The airport is to be ready on January 2, 2008.

Industries and infrastructure minister P.G.R. Sindhia told reporters here on Monday that all clearances for the construction of international airport have been obtained including the formal declaration of the financial closure by ICICI Bank on June 23.

“The countdown begins from July 2 and we hope to throw open the airport by January 2, 2008. The crucial bank guarantee for the state support was received on June 22 paving way for financial closure. While preliminary enabling works had commenced a few months ago at the site, full fledged activities will start in a few days,’’ Sindhia explained.

According to Sindhia, the BIA is a joint venture project of state government through KSIIDC, union government through Airport Authority of India, Siemens project ventures, Germany, Larsen and Toubro and Zurich Airport as the promoters.

The Rs 1,411.8-crore project will be financed by the ICICI Bank to the tune of 52.1 per cent, support from the state government in the form of any interest free, repayable loan of 24.8 per cent and equity of 23.1 per cent from the shareholders, Sindhia added.

Explaining the project, Bangalore International Airport Authority CEO Albert Brunner said the first phase will comprise 4,000-metre-long runway, taxiways, an apron area with aircraft stands and a terminal building. The land area for the new airport consists of 3,800 acres which enables BIAL to expand the airport whenever the need arises. “There was light at the end of the tunnel and I can see the light now,’’ Brunner said.

Explaining the chronology of the events, infrastructure secretary Vinay Kumar said it took less than one year from the time of signing the concession agreement between Union government, state government and BIAL in declaring the financial closure of the project.

MoU signed between KSIIDC and AAI - May 1999.
Bidders asked to give detailed project report - November 8, 2000.
Siemens led consortium selected by GOK - October 29, 2001.
Share holders agreement - January 20, 2002.
Concession agreement between GoI, GoK and BIAL - July 5, 2004.
State support agreement between GoK-BIAL - January 20, 2005.
Landlease agreement between GoK-BIAL - January 20, 2005.
EPC contracts with Siemens Germany, L&T and Siemens India -March 11, 2005.
Operation and management services agreement between BIAL and Unique Zurich - April 8, 2005.
CNS/ATM agreement between BIAL-AAI - April 6, 2005.
Land lease deeds signed between BIAL-KSIIDC - April 30, 2005.
Extension of shareholders agreement - June 10, 2005.
SBI guarantee to BIAL on state support of Rs 350 crore - June 22, 2005.
Declaration of financial closure by ICICI Bank - June 23, 2005.


Post a Comment

<< Home