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GMR, GVK become majority shareholders in Delhi, Mumbai airports

Written by: Staff
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New Delhi, Apr 20 (UNI) Private companies GMR and GVK have become majority shareholders in the two joint venture companies that will undertake modernisation work at Delhi and Mumbai airports.

In a statement issued after the first meeting of the reconstituted board, the GMR group said 74 per cent of the shares were allocated to the new consortium Delhi International Airport Pvt Ltd (DIAL).

''The meeting also authorised Managing Director Srinivas Bommidala to enter into necessary contracts and agreement for the takeover of the airport,'' said the statement issue last night.

The transfer of the two airports is expected to take place within three months of the signing of operations, maintenance, development agreement (OMDA) here on April 3.

Mumbai International Airports Pvt Ltd will be the new company to undertake modernisation of Mumbai airport with 11 board members including four each from the GVK group and its consortium partner Airports South Africa.

DIAL will have 12 board members including nine from the consortium.

The Airports Authority of India (AAI) will own 26 per cent stake in both the new joint venture companies.

UNI SU CS BD1256

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