The original proposal for the airport outlined an estimated cost of and an expected date of commission in 1997. Approval was granted in May 1993. The funding was envisaged to be from interest-free loans from non-resident Indians working abroad, donations from industrial undertakings, exporters, cooperative societies and loans from the state government. A body called the Cochin International Airport Society, under the chairmanship of the Chief Minister of Kerala
K. Karunakaran, was registered in July 1993 to execute the project. To better fund mobilisation, as well as an administrative convenience, a public limited company under the name Cochin International Airport Ltd. (CIAL) was registered in March 1994 with an authorised capital of . In 1996,
E. K. Nayanar took over as chairman of the CIAL project. The construction picked up momentum during this period and Nayanar ensured that the airport project received special attention from the State Government and gave his unstinted support to CIAL. By 1997, substantial land was taken into CIAL possession through negotiated settlements. A total of of land was acquired for the construction of the airport. Approximately 2,300 landowners and 872 families were resettled under a rehabilitation package. Major electric lines and an irrigation canal had to be diverted. The facility was formally inaugurated by the then President of India,
K. R. Narayanan on 25 May 1999 and the first commercial service began on 10 June 1999. The operations from the old naval airport were moved to CIAL on 1 July 1999.
Expansion Phase 1 The airport had of floor space at its inauguration. CIAL envisioned four phases of expansion over 20 years, the third phase of which was completed in 2009. The original airport terminal was envisioned to handle just 100 passengers at a time. However, by 2001, the international passenger traffic was growing, making it necessary to redevelop the terminal. In 2002, the floor area for the international operations of the original building rose due to the completion of a separate domestic terminal, shifting all domestic operations there.
Phase 2 With a rising number of airlines operating at the airport, CIAL decided to construct an exclusive terminal for domestic operations, namely Terminal 2, making the international one Terminal 1, increasing the floor space for international operations by .
Phase 3 Work on the third phase was intended to accommodate 5 million passenger movements annually and was started in 2007. The third phase involved the commissioning of a central block, connecting the domestic and international terminals and enlarging the airside area to accommodate more gates and waiting areas along with increased shopping areas. This increased the built-up area by another . The airside area of the international arrivals and departures blocks were integrated and glass walls were installed to allow for more natural light. The runway was re-surfaced in 2008. The number of parking areas was increased from 15 to 24, including three dedicated for cargo airlines. The third phase also completed the expansion of the cargo village and a second aircraft taxiway to the MRO facility.
Phase 4 The fourth phase of expansion was originally planned to upgrade the domestic terminal, which has remained untouched in the past three phases. However, the expansion plans were changed after the new UDF government took over the administration of the state in May 2011. As per the revised plans, the international terminal is to face a major renovation before being converted completely into a domestic terminal, while a new state-of-the-art international terminal is coming up. As per the new plans announced by the board of directors in September 2011, the new international terminal would come up on the eastern side of the existing structure. The built-up space of the new terminal would be having segregated departures and arrivals at different levels. The new terminal with an elevation featuring
Kerala temple architecture will have all the latest features of international standards. Construction major Larsen & Toubro is building the facility which will be ready within 30 months. The two-level terminal will have provisions for 112 check-in counters, with in-line baggage screening facilities, 100 immigration counters, of
duty-free shops at departure and arrival lounges, 19 boarding gates, 15 aerobridges, six baggage conveyor belts and fully covered alighting and boarding area. The current domestic terminal would be converted into an "Executive Pavilion" and would handle VIP and private chartered flights and jets. The current international terminal once converted into a domestic terminal, will have 5
aerobridges and 10 boarding gates, apart from increased parking bays. ==Management==