The proposal for the development of the ‘Kannur International Airport’ received ‘in principle’ approval from the Ministry of Civil Aviation in February 2008. Government of Kerala has floated a company by the name Kannur International Airport Ltd (KIAL)for the development of the airport.
- The airport will be built over 2000 acres of land and will have a single runway, to begin with.
- The project will be implemented on a Public-Private-Partnership (PPP) basis and on a Build-Own-Operate (BOO) model.
- The Kannur International Airport will be set up by a Government led consortium. 35% of equity will be with the Government of Kerala, 23% with Public Sector Undertakings, 26% with Airport PSU's and remaining 16% with private individuals and institutions.
The Phase 1 project cost would be approximately 1892 crores including the cost of land.
The development of the infrastructure project will be through global tenders in Engineering, Procurement and constructions (EPC )Model