India, May 13 -- The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the extension of the lease period of the Airports Authority of India (AAI) land leased to MIHAN India Limited (MIL) beyond August 6, 2039.

The move will enable MIL to license Dr. Babasaheb Ambedkar International Airport to the concessionaire, GMR Nagpur International Airport Limited (GNIAL), for a period of 30 years from the Commercial Operation Date (COD).

In 2009, a joint venture company, MIL, was formed by AAI and Maharashtra Airport Development Company (MADC), with an equity structure of 49:51 respectively.

Although AAI's airport assets were transferred to MIL in 2009 for operational purposes, the formal lease deed was delayed due to ...