New Delhi: An investment between Rs 10,000-20,000 crore is being officially estimated to modernise Delhi and Mumbai airports, for which the process has already begun to finalise private partners.

"A massive capital investment is needed in the next five years, ranging between Rs 5,000 to Rs 10,000 crore for (modernising) each of the two airports," Civil Aviation Secretary Ajay Prasad told reporters on the sidelines of the CII's (Confederation of Indian Industries) Annual Conference in New Delhi today (Oct 28, 2004).

However, he made it clear these were "very preliminary estimates" for construction of world-class airports in the two metros.

Prasad said the Airports Authority of India (AAI), which would have private parties as joint venture partners for modernising the two airports, would not be able to provide the required funds "due to its commitment for on-going capital projects and obligation for maintaining loss-making airports".

This is the first time that the Government has come out with some indication as to how much it would cost to build modern airports in Delhi and Mumbai.

Ten leading private and foreign groups and consortia have submitted their Expressions of Interest to become JV partners and their bids are currently being evaluated.