Airports Authority of India on 4 April 2006 signed the shareholders' agreement and the Operations, Maintenance, Development Agreements (OMDA) for the Delhi and Mumbai international airports with the GMR and GVK groups respectively.

The two joint venture companies that will run the airports are already in place. The two companies will pay Rs.150 crore upfront to the Government. Some agreements are yet to be signed before the joint venture companies actually begin work at the airports.

The OMDA is the main document in which AAI grants the joint venture company the right to operate, maintain, develop, design, construct, upgrade, modernise, finance, and manage the airport. The OMDA's duration is 30 years although it can be extended for another 30 years.

The boards of both the airports will have 12 members - nine from the private company and three from the Government.

The Government has fixed the mandated capital expenditure during the first five years at Rs.2,600 crore for the Mumbai airport and at Rs.2,800 crore for the Delhi airport.

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Ref: mumdel2