India begins process to revamp Delhi, Mumbai airports

New Delhi: The Civil Aviation Ministry has initiated the process of handing over the Delhi and Mumbai airports for revamp to two private consortiums following the payment of Rs 5 billion each as bank guarantees.
"The process of handing over the two airports will be complete by April," said a senior official in the Ministry."The consortiums of GVK and GMR have already submitted the bank guarantees of Rs 5 billion each," he added.The modernisation process is mandated for completion in 36 months, although the Delhi High Court is yet to give its judgement on a petition challenging the award of contracts by unsuccessful bidders, the official added.
The GMR consortium has Fraport, the Frankfurt airport managers, an Indian fund and the Malaysian airport's subsidiary as its partners, while the GVK-led group has tied up with a South African airport company and a fund company from that country.
Hindustan Times
feb 09/06

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