Videocon eyes aviation sector, to bid for Navi Mumbai airport

New Delhi, Oct 31 (UNI) Consumer electronics major Videocon Group today announced it will bid for the greenfield airport at Navi Mumbai while committing Rs 3,000 crore as initial investment in the aviation sector.

''We will be bidding for Navi Mumbai airport and we have also shortlisted our foreign collaborators for the same,'' its chairman Venugopal Dhoot said.

The new company will be named Videocon Aviation Limited with investment of Rs 100 crore in special purpose vehicle. Remaining funds will be generated from foreign institutional investors, public and foreign collaborators, said Mr Dhoot.

''Initially, we are offering 24 per cent stake to our foreign collaborators which can go up to 49 per cent,'' he said without naming the foreign collaborator but indicated that it is an Europe-based airport operator.

Videocon had made a bid for the Delhi Airport as well, but it was rejected by the government as there was no airport operator in the consortium.

Construction of a second airport in Navi Mumbai was cleared by the union cabinet on May 31 this year. The new airport will be developed as a greenfield project through public-private partnership like the ones being developed in Hyderabad and Bangalore.

UNI