Kannur Airport expected to be operational by 2014

Thiruvananthapuram: The first Greenfield International Airport coming up with private participation at Kannur in Kerala is expected to be operational by 2014, a senior minister said on Thursday.

The airport will come up at an estimated cost of Rs 1130 crore, with a paid up capital of Rs 500 crore and funds raised through loans Rs 630 crore, Kerala Ports and Excise Minister K Babu said in the Assembly in reply to a submission on the subject.

The plan is to start the work of the runway by next year, he said.

Airport Authority of India has been entrusted with the task of preparing a Detailed Project Report.

Applications for shares to a tune of Rs 175 crore have been received.

As per the plan, the state government would have 24 per cent stake, 25 per cent of the shares owned by public institutions and 49 per cent private holdings. Land acquired and handed over to the Company by the state would be treated as the state's share, he added.

PTI