• search

Airport development: Govt to sign development agreement

Written by: Staff
|

New Delhi, Apr 2: The Delhi and Mumbai airports privatisation plan will move another step ahead as the government has decided to sign the operation, management and development agreements (OMDAs) with two private developers on April 4.

Sources in the civil aviation ministry said the Airports Authority of India (AAI) will sign the agreements with private joint venture partners -- GMR and GVK consortiums -- that have bagged the contracts for modernisation of the country's busiest airports.

''The agreement will lay down the guidelines as to how the activities should be carried out post-privatisation,'' an AAI spokesperson said.

The agreements are being signed between the developers and the AAI for a period of 30 years, he said.

The joint ventures that were required to be formed and registered under the Companies Act have since come into effect.

While the government has 26 per cent holding in the two newly-formed ventures, GMR and GVK have 74 per cent stake each in the Delhi and Mumbai airports.

Sources said nine directors from GMR have been chosen to be on the board, along with three from AAI, on the new venture for the Delhi airport. A similar equation has been worked out for the Mumbai airport, sources said.

UNI

For Daily Alerts

For Breaking News from Oneindia
Get instant news updates throughout the day.

Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more