The Maharashtra State Government sanctioned the proposal to form a special purpose vehicle [SPV] to develop the Purandar international airport in Pune. MADC i.e The Maharashtra Airport Development Corporation is appointed as the nodal agency to implement the project while CIDCO [Industrial Development Corporation of Maharashtra] will act as the major stakeholder in the Special Purpose Vehicle project.
The Maharashtra Airport Development Corporation will have nearly 19 percent of the share while CIDCO will hold 51 percent stake in the SPV project.
Apart from this, the leftover 30 percent will be divided amongst MIDC i.e the Maharashtra Industrial Development Corporation and PMRDA i.e Pune Metropolitan Region Development Authority. The district collector of Pune city will be responsible to acquire land for the project, to offer compensation and to rehabilitating the people affected from the project.
In May 2018, the Civil Aviation Ministry, gave clearance to develop a Greenfield international airport near Pune. Earlier in 2016, Maharashtra CM Devendra Fadnavis announced to construct the same at Purandar, in Pune district.
Suresh Prabhu, the then Civil aviation minister had tweeted that the existing airport has exhausted its capacity and this new airport will help us (to fly) more passenger and (carry out) cargo operations to the vibrant city of Pune. He also informed of giving approval to the clearance to new Greenfield airport in the city.
At present, the Indian Air Force controls the passenger traffic at the Lohegaon airport and the same is operational by AAI i.e. the Airports Authority of India (AAI).
It is estimated that Rs. 14,000 crores will be spent to develop the Purandar International Airport on an area of 2,400 hectares.