GMR-Fraport consortium has won the bid for mordernisation of Delhi airport, while GVK-South Africa combine has bagged the Mumbai airport project, Civil Aviation Minister Praful Patel announced on Tuesday.

After a meeting of the empowered Group of Ministers that considered various bids, Patel said the proposals of the two consortia have been approved. They will now be placed before the Cabinet on Wednesday and a decision would be taken tomorrow itself.

Even though GMR-Fraport was the second highest financial bidder for the modernisation of the two metro airports, with an investment of about Rs 5,400 crore (Rs 54 billion), it opted for Delhi by matching the top bidder, Reliance-ASA in terms of revenue share to the government, sources said.

Should Delhi, Mumbai airports be privatised?

GMR-Fraport was given the option to match the top bidder at either of the airports, as it was the sole technically qualified bidder among the five aspirants for Delhi and six for Mumbai airports.

Giving details of the decision, Patel said that GMR-Fraport combine had matched the highest bidder Reliance-ASA for the Delhi airport by offering 45.99 per cent revenue share to the government.

For Mumbai, Reddy's GVK emerged as the top bidder offering a revenue share of 38 per cent, followed by GMR's 33 per cent, DS group's 28.12 per cent and Reliance's [Get Quote] 21.33 per cent.