The joint venture agreements for the modernisation of the Mumbai and Delhi airports were concluded on 20 April 2006. Airports Authority of India will be a minority partner owning 26 per cent equity stake in each of the two joint ventures.

For the Delhi airport project, a joint venture Delhi International Airport Pvt Ltd has been formed that will include members from the GMR group and its consortium members including Malaysia Airport and Fraport. DIAPL will have 12 members including three from AAI.

For the Mumbai project, the joint venture will be called Mumbai International Airports Pvt Ltd having members from the GVK group and its consortium partner Airports South Africa. MIAPL will have 11 members on its board including three from AAI.

The two airports will be handed over to the respective joint ventures by early July 2006.

Also See:

Mumbai-Delhi airport modernisation: AAI signs pact (05-Apr-06)

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