Government signs pact to privatise Delhi, Mumbai airports

New Delhi: The government on Tuesday signed shareholders agreement and other documents for setting up Delhi and Mumbai airport joint venture companies.
The Operation, Management and Developer Agreement (OMDA) is between the Airports Authority of India (AAI) and two private consortiums led by GMR-Frapord and GVK-South African Airports.
The OMDA is considered the mother document, under which the AAI grants a joint venture company the right to operate, maintain, develop, design, construct, upgrade, modernise, finance and manage the airport. Initially the OMDA is for 30 years, which can be extended for another 30 years.Now, a new board of director--including representatives from the private developers --will be put in place.
04/04/06 UNI/Daily News & Analysis

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