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Indian airport modernization set for take off

MUMBAI - The Civil Aviation Ministry has drawn up a Rs 50 billion (US$1.1 billion) modernization plan for 15 airports, apart from the four metros.

"We have worked out plans to redo the 15 airports and everything would be in place by end 2006," Civil Aviation Minister Praful Patel said Saturday.

In an informal chat with media, Patel said the funds required to modernize airports, including the in Jaipur, Udaipur, Lucknow and Bhubaneswar, could also be raised through government bonds.

Patel said nearly 10 foreign entities have shown interest in the modernization plans of the Delhi and Mumbai airports where the foreign direct investmnet limit has been raised from 40 to 49%. Plans for Chennai and Kolkata airports would be taken up later.

He said all these airports together contribute 80% of the revenue to the state-owned Airports Authority of India, which is the third largest real estate holder in the country.

He reiterated that no foreign airline would be allowed to take a stake in an airport modernization plan or airline.

Patel said necessary paper work is being expedited to sign a memorandum of understanding for a Greenfield airport project near Hyderabad next month.

Patel said his aim was to "revolutionize" the industry and ensure that the fleet acquisition plan of both state-owned Air-India and Indian Airlines, refurbishing the aircraft and aviation policy would all be ready by December-end.

(Asia Pulse/PTI)


Jul 13, 2004


 
     
         
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