The Maharashtra Cabinet on Thursday approved setting up of a company for development of Nagpur airport's Cargo Hub Project.
The company would have participation of Maharashtra Airport Development Company and Airport Authority of India, Maharashtra Chief Minister Vilasrao Deshmukh told reporters after the Cabinet meeeting in Mumbai.
The share of MADC in the new company would be 51 per cent and the share of AAI would be 49 per cent, he said.
The Nagpur airport would be handed over to the new company for 30 years by charging Re 1 per year, he said.
Central government would be incharge of the airport security and Air Traffic Control, he added.
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