The Indian government has signed agreements with two private consortia to modernize and operate the country's two largest airports.
Civil Aviation Minister Praful Patel said after the ceremony on Tuesday that the landmark deals pave the way for modernizing the airports in New Delhi and Bombay at a cost of one-point-two billion dollars.
The Hyderabad-based Indian construction firm G.M.R. Industries, which teamed up with Germany's Fraport AG, will take over New Delhi's Indira Gandhi airport.
India's G.V.K. group, along with Airports Company South Africa, won the contract to run Bombay's Chhatrapati Shivaji airport.
The government announced its decision to privatize the two airports two months ago. Thousands of airport workers fearing job cuts staged a three-day walkout, which ended after strikers received assurances from the government that they would not lose their jobs.