| These parties are likely to accept 49 per cent private equity, including FDI, in the modernisation of the Mumbai and Delhi airports. |
| The present norms permit 74 per cent private equity participation, with FDI capped at 49 per cent, while 26 per cent would be held by a government arm including the Airports Authority of India (AAI). |
| "The control of the venture should be with the government. We are agreeing to a 49 per cent private participation in the venture. We will be pressing the government for such a step. They will have to work out the modalities," a senior Left leader told Business Standard. |
| He, however, added that the Left parties had demanded that private participation should be limited to the modernisation and upgradation of only the Mumbai and Delhi airports and other ones like Chennai and Kolkata should be taken up by the AAI. |
| The civil aviation ministry is drawing up plans to modernise some 20 airports in the country with private participation. The stand taken by the Left parties against private participation in airport modernisation had held up the upgradation of the Mumbai and Delhi airports. |
| But now that the Left parties have resolved their differences with the United Progressive Alliance (UPA) government over the issue, this will clear the last hurdle in the upgradation of the two airports. |
| The government has set up an empowered group of ministers, headed by Defence Minister Pranab Mukherjee, to oversee the privatisation of the two airports. Sources close to the development said the issue might come up in its next meeting. |
| The change of heart on the part of the Left parties comes days after they toned down on their stand on FDI in private airlines. After voicing their opposition for a while, the Left parties have agreed to a 49 per cent foreign equity participation in domestic private carriers. |
| About ten companies have shown interest in the modernisation and upgradation of the Mumbai and Delhi airports. |
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