GVK outbids GMR Infrastructure; wins Navi Mumbai International Airport project bid

India`s GVK, which operates the airport in financial capital Mumbai, has won a bid to develop a new airport outside the city to ease congestion and cater to surging demand.

GVK outbid GMR Infrastructure - the operator of the airport in national capital New Delhi - to develop the Rs 160 billion ($2.4 billion) Navi Mumbai International Airport, Mohan Ninawe, a spokesman for City and Industrial Development Corporation of Maharashtra (CIDCO), which had called the bids, told Reuters.

The new airport, first proposed in 1997 and approved by the government in 2007 is expected to be operational in 2019.