CBI case against GVK group that runs Mumbai airport over alleged Rs 705 crore scam5Photo© hindustantimes.com

CBI case against GVK group that runs Mumbai airport over alleged Rs 705 crore scam

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The Central Bureau of Investigation has registered a case against Dr G V K Reddy, Chairman of GVK group, the company that runs the Mumbai airport – MIAL (Mumbai International Airport Limited), and others for alleged irregularities worth ₹705 crore in the development of Mumbai airport.

MIAL is a joint venture between AAI (Airports Authority of India), GVK and foreign entities. The AAI entered an agreement in 2006 for modernization and up gradation, operation and maintenance of Mumbai airport as part of joint venture called –MIAL.

The agreement stated that the revenue share has to be given first to AAI and then the balance earnings of MIAL shall be used for modernisation and upgradation, operation and maintenance and the essence of the agreement was to make it a world class facility.