Govt mulls JV for rejig of Kolkata, Chennai airports

 "The equity infusion by AAI for Chennai and Kolkata joint venture companies has been estimated as approximately 50% of the equity investment in case of Delhi and Mumbai. The equity infusion by AAI during 2008-09 to 2013-14 will be Rs 150 crore," official sources said.

The equity share of private players together with borrowings would be about Rs 5,550 crore, sources said, indicating that AAI could retain only a minority stake in the two joint ventures.

The prime minister's committee on infrastructure had earlier mandated that Kolkata and Chennai airports would be developed through the public-private-partnership route on the model followed for Delhi and Mumbai airports. It has been assumed that the restructuring process of Kolkata and Chennai airports would be completed by march 31, 2008.

However, civil aviation minister praful patel said the route towards modernisation of the two airports would be taken only after talks with the Left parties and UPA ally DMK, ruling the two states.

The modernisation of Kolkata and Chennai airports would require about Rs 5,700 crore investment between 2008-09 and 2013-14, half of what has been envisaged for Delhi and Mumbai.