Friday, February 10 2006 18:00 Hrs (IST) - World Time -

New Delhi: The GVK-Airports South Africa (ASA) consortium, which has been selected as the private partner to modernise Mumbai airport, today (Feb 10 2006) submitted the Rs 500 crore bid bond guarantee with the Airports Authority of India (AAI).

The other consortium GMR-Fraport, which was selected for modernising the Delhi airport, had submitted the Rs 500 crore guarantee four days ago.

The GVK-led consortia spokesperson told sources that it had submitted the Rs 500 crore bond to the AAI today.

The Government has already issued a Letter of Intent to the two consortia for the modernisation contracts.

The AAI had on February 5 asked the two successful bidders to furnish bond guarantee by February 14, raising the amount from Rs 50 crore to Rs 500 crore.

The Union Cabinet had decided on February one to award the contracts to the two bidders for Delhi and Mumbai airports.

With this, the process of restructuring and modernisation of the two major metro airports got a kickstart.

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