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New Delhi
Investment board nod for airport modernisation
Special Correspondent
NEW DELHI: The Rs. 1,808-crore modernisation programme of the Chennai airport on Tuesday got the approval of the Public Investment Board and work on it is likely to begin by September.
The project would now go for approval to the Cabinet Committee on Economic Affairs, an official spokesperson said.
The upgraded international terminal building would be able to cater to seven million passengers a year, while the domestic one would enhance its capacity from four million to seven million by October 2010, when the work is expected to be completed.
The total cost of the project has been envisaged at Rs. 1808.10 crore, including Rs. 1,077.16 crore, for the new domestic terminal building and for the modernisation and extension of the international terminal. While 80 per cent of the project would be funded through internal resources of the Airports Authority of India (AAI), the remaining would be done through commercial borrowings, the spokesperson said.
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