India Privatizes Two Major Airports

The Indian government is to privatize the country`s two busiest and most profitable international airports at Delhi and Mumbai (Bombay).

Civil Aviation Minister Rajiv Pratap Rudy says that a 74 percent stake in each airport will be offered to private investors who will run them as separate companies.

The remaining 26 percent will be held by the government-owned Airports Authority of India which also keeps control of air traffic and airport security services.

India, which has embarked on a major privatization program, hopes that the move will allow the airport facilities to be upgraded to world class status.