An empowered group of ministers will decide this week on the appointment of a financial consultant for privatisation and modernisation of Delhi and Mumbai airports.

"During the course of this week a decision will be taken," Civil Aviation Minister Rajiv Pratap Rudy told reporters after a presentation by the three prospective firms -- ABN Amro, Ernst and Young and KPMG -- among a total of five firms, shortlisted for the purpose.

A decision would be taken after evaluating the results of their presentation, he said, adding, "We want to have the best."

The GoM, comprising Finance Minister Jaswant Singh, Divestment Minister Arun Shourie, Law Minister Arun Jaitley besides the civil aviation minister, in its last meeting, had asked the three firms to give a presentation to know their experience and qualification before appointment.

Asked whether the government would be able to meet the deadline of May 30 next year for finalising the schedule, Rudy said, "We will try to make up for the time lost. This is a mega infrastructure project. We have some cushion time in between."

The Cabinet had on September 11 approved restructuring of the two airports through the joint venture route with a maximum of 74 per cent private equity.

As per the Cabinet decision, the AAI, along with other public sector entities, would together hold 26 per cent stake and continue to be responsible for air traffic services and civil aviation security.

The timeframe for handing over the project to the selected JV partners would be eight months after their selection and the requirements for the financial bids would be completed within four months.

The joint venture companies, which could be formed by AAI with the JV partner, would be given the airports on concession for a period of 30 years with a provision for extension by another 30 years subject to mutual agreement.