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"At Least 4 Intl Grps To Bid For Indian Airports"
Thursday, May 27, 2004
At Least 4 Intl Grps To Bid For Indian Airports - FT
SINGAPORE (Dow Jones)--At least four international groups will offer
preliminary bids for controlling stakes in New Delhi and Mumbai airports
in the next few weeks, the Financial Times reported on its Web site
The four, Fraport (FRA.XE) and Hochtief (HOT.XE) of Germany, and
operators from Singapore and South Africa, may be joined by Malaysia
Airports Holdings (5014.KU) and Aeroports de Paris (ADP.YY), the FT
The sale of a 74% stake in each of the two hubs, which is poised to
raise at least $1 billion for the Indian government, is one of the
selloffs expected to survive this month's surprise political changes,
the report said.
The FT quoted Praful Patel, the new civil aviation minister, as saying:
"We want to modernise Mumbai and Delhi airports and will not let that be
People close to the companies said the deadline for bids, originally set
for next Friday, could be delayed, but they still expected six potential
buyers, the report said.
Winning bidders will receive a 30-year lease, which could be extended,
to operate and develop the airports, it said.
They will receive revenues for running all services except security and
air traffic control. International groups are likely to team up with
Indian companies, which could include conglomerates such as the Reliance
(RGH.XX) and Birla groups.
People close to the companies said Fraport, which operates Frankfurt
airport, and Hochtief, the construction group which has a 40% stake in
the operator of Athens airport, would be part of bidding consortia.
"Talks have been held, although a memorandum of understanding has yet to
be signed," Fraport said, according to the report.
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