The Union Cabinet on Tuesday cleared the Rs 1,300 crore (Rs 13 billion) greenfield international airport at Bangalore with "some technical changes."
The issue figured in the Cabinet meeting chaired by Prime Minister Manmohan Singh today and was approved with some "technical changes," an official spokesperson told reporters after the meeting.
The previous NDA government had approved the draft version of the concession agreement, but the Bangalore International Airport Limited, comprising Siemens, L&T and Zurich airport, had sought some clarification from the government which had been pending due to the announcement of general elections.
The private consortium has 74 per cent shares in the airport along with the Airports Authority of India and Karnataka government holding 13 per cent stake each.
The construction of the airport by a private body will be a trendsetter for restructuring of airports in the country.
BIAL had sought clarifications as it considered the draft document ambiguous on at least six vital issues, including the closure of the Hindustan Aeronautics Limited airport, which was the main pre-condition at the time of bidding.
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