The Hindu Business Line : GMR, GVK now majority shareholders in jt ventures

Private companies GMR and GVK on Wednesday became 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 the Managing Director, Mr Srinivas Bommidala, to enter into necessary contracts and agreement for the takeover of the airport," the statement adds.

The transfer of the two airports is expected to take place within three months of the signing of the Operations, Maintenance, Development Agreement, here on April 3, sources indicated. While Mumbai International Airports Pvt Ltd, which would be the new company to undertake the modernisation of Mumbai airport, would have 11 members including four each from the GVK group and its consortiu partner the Airports South Africa, DIAL would have 12 members including nine from the consortium. The Airports Authority of India would own a 26 per cent stake in both the new joint venture companies.

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