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New Delhi
Leela Group for reassessing project cost
New Delhi: The Leela Group, on Saturday, said the project cost of the proposed international airport in Kannur, which the company would develop, would have to be reassessed because of inordinate delay in approvals.
The company signed a memorandum of understanding (MoU) with the State government in 2003 to develop the greenfield project, but is yet to receive the final approval.
“The original project cost for the airport was Rs.550 crore, of which the cost for the land was Rs.200 crore. Now it will be much more and we will have to reassess the cost. But we are still interested in the project,” Vivek Nair, vice-chairman and managing director, Hotel Leela Venture Ltd., told presspersons here.
Leela Group, promoted by C.P. Krishnan Nair, is planning to rope in Singapore’s Changi Airport for a technical tie-up for the project.
To clear the Kannur project, authorities had waived two rules for new airports of having two runways and to be located at a distance of more than 150 km from an existing airport. — PTI
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