The three Public Sector Oil companies are Indian Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL). The MoU envisages the formation of the Joint Venture company Mumbai Aviation Fuel Farm Facility Pvt Ltd with MIAL, IOCL, HPCL and BPCL, being equal partners with a shareholding of 25 per cent each.

The venture will commence developing the integrated facility at the site of the existing IOCL and HPCL facilities near Terminal 1A, by increasing tankage and linking it to the hydrant systems that supply fuel at the hydrant pits of the aircraft parking stands.

Speaking on the occasion, Sanjay Reddy, Managing Director, MIAL said, "This is an important milestone in the transformation of CSIA. We look forward to partnering with IOCL, HPCL and BPCL to create a modern and efficient aviation fuel facility to cater to the needs of airlines operating from CSIA."

Since CSIA is a land-constrained airport, it was desirable that the aviation fuelling facilities be integrated into a single location which would serve as a common-user fuel facility for all fuel suppliers. Currently, each of the Public Sector Oil companies has their own aviation fuelling facilities which are scattered across CSIA. The Joint Venture company will also take over the work of modifying the hydrant systems (currently being done by MIAL) to align them with phased terminal development process at CSIA.