AAI to resolve technical issues to form airport JVs

Taking forward the government decision to modernise Delhi and Mumbai airports, the Airports Authority of India has approached the Registrar ...

Taking forward the government decision to modernise Delhi and Mumbai airports, the Airports Authority of India has approached the Registrar of Companies to form separate joint ventures for both these airports besides issuing letters of intent to consortia led by GMR and GVK for award of work.

While the Left-backed unions of AAI were busy protesting the government decision, the Civil Aviation Ministry wasted no time in saying AAI should not delay the remaining part of the process. It asked AAI to resolve technical issues related to registration of the two JVs so that negotiations on the shareholders agreement could begin soon. The letter to the bidders too was sent on Saturday itself.

The two companies are expected to be registered over the next couple of weeks, just in time for AAI to admit the two consortia that would pledge Rs 150 crore each for the two airports as upfront payment. Once the shareholders have agreed among themselves, talks can begin on the main document—the Operations, Maintenance and Development Agreement (OMDA)

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All this activity comes ahead of the hearing on the Reliance petition challenging the bidding process. The hearing is scheduled for Monday and the government and the AAI will defend the entire process, arguing against the claims made by the Reliance-ASA Mexico consortium.

Meanwhile, another bidder Sterlite-Macquarie-ADP of Anil Agarwal’s Vedanta group has protested its exclusion from the financial bids for Mumbai claiming that its offer was higher than that of the GVK-led consortium. He has apparently written a letter to members of the Empowered Group of Ministers stating that government will stand to lose up to Rs 2,000 crore in revenue shares.

However, the EGOM had decided to examine only the top four technically qualified bids for Delhi and Mumbai airports. Sterlite was ranked fifth for Mumbai and hence was ousted from the financial round. It was considered for Delhi where it was ranked fourth in technical evaluation.

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