Chennai-based KGS Group is set to start work on the construction of India's first private international airport at Aranmula in southern Kerala later this month, after securing all necessary regulatory clearances.
KGS Aranmula International Airport managing director Gigi George told the Hindu Business Line that work on the Rs20bn ($367.4m) project would commence in the second week of January, with the airport expected to be ready for operations by December 2014.
Currently awaiting a decision from the Kerala Government, which proposed having a 10% share in the venture, the project has already obtained all the required approvals, such as from the Indian Environment Ministry.
As part of the initial phase of project, Rs5.5bn ($101m) would be invested, while Rs13bn ($238.8m) will be funded through debt and the remaining through capital and promoter contribution.
Set to be built on 700 acres of land in the central Travancore belt, the airport's terminal will be capable of handling 1,000 passengers and large aircraft, such as the Airbus A-320 and the Boeing 747.
The privately owned and managed airport will have a 3,100m x 45m runway with PCN 45 F/B/W/T.
The airport traffic will mainly target the non-resident Indian (NRI) population, the tourism sector and the pilgrimage travel prospects of the region.
After completion it will serve four districts in the state of Kerala - Pathanamthitta, Kottayam, Idukki and Alappuzha.