New Delhi, Jul 3: The Union Cabinet on Wednesday approved the proposal for leasing out of three airports -- Ahmedabad, Lucknow and Mangaluru of Airports Authority of India (AAI) through Public Private Partnership (PPP).
The airports would be leased out to the highest bidder -- M/s Adani Enterprises Ltd who quoted the highest bid for these airports, for operation, management and development under PPP for a lease period of 50 years as per the terms and conditions of the bid documents, Union Minister Prakash Javdekar told reporters while briefing the Cabinet decisions here.
The Cabinet was chaired by Prime Minister Narendra Modi.
He said these projects will bring efficiency in delivery, expertise, enterprise and professionalism apart from harnessing the needed investments in the public sector.
This will also result in enhanced revenues to the AAI, which may lead to further investment by AAI at Tier II and Tier III cities and economic development in these areas in terms of job creation and related infrastructure. (UNI)