Cochin International Airport Limited (CIAL) is the first airport in the joint sector, with large-scale public participation. The new airport project was conceived as an alternative to the then existing naval airport, which was not capable of handling wide-bodied aircraft due to runway limitations. The Cochin airport project throws up very significance governance issues related to aviation infrastructure development. The case will discuss the issues of stock taking of Policy of Airport Infrastructure, land acquisition, social costs of projects, risk mitigation and governance, and project management and managerial competencies from the governance point of view. The learning from the CIAL project can be of immense help to policy makers and private investors in the field of airport development.