On 15 November 2007, the government of Karnataka awarded the Gulbarga Airport project to a consortium of Maytas Infra Ltd. (Now IL&FS Engineering and Construction Company Limited),[3] NCC Infrastructure Holdings Ltd (NCC) and VIE India Project Development and Holding on a Build–operate–transfer (BOT) basis. The concession period was to be 30 years, extendable by an additional 30 years, by mutual agreement.
Gulbarga Airport Developers Pvt Ltd (GADPL), a Special Purpose Company (SPC), was established to sign the Project Development Agreement (PDA) with the Infrastructure Development Department of the Government of Karnataka. The Shareholding pattern of Maytas Infra, NCC and VIE in the SPC was 37%, 37% and 26% respectively. The agreement was subsequently signed on 2 April 2008.[4] and the foundation stone for Phase I of the project was laid by former Chief Minister of Karnataka, Shri B. S. Yeddyurappa on 14 June 2008.
Due to a change in the project shareholding ratio[citation needed], a Supplementary Development Agreement was signed on May 22, 2010. Bangalore-based RAHI acquired 22% in the project and overall management and financial control. RAHI is a joint venture (JV) between IL&FS Transportation Networks Limited (ITNL) and Comet Infra-Developments Private Limited (CIDPL) – an infrastructure development group. The company is also developing Shimoga Airport. Gulbarga airport was to have started operations in the later half of 2012 but has been delayed[6] due to financial mismanagement disputes between RAHI and IL&FS, the shareholders of Gulbarga Airport Development Ltd (GADL). Both companies have blamed each other for delays in project completion and have traded allegations of financial impropriety, fraud, and non-infusion of the assured equity for the project.
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