The Union Cabinet is likely to consider the modalities of restructuring the airports at Delhi and Mumbai and give its nod to the process of airport privatisation, when it meets in New Delhi next week, informed sources said on Wednesday.

The proposal, which is understood to have been put up for approval, includes a concession agreement, under which the entire assets of the two airports, barring those pertaining to the air traffic control and security, would be handed over to the joint venture partners of the Airports Authority of India for 30 years on a renewable basis.

The restructuring proposal would not be affected by the bill to amend the AAI Act, which was passed by the Lok Sabha in the budget session and is now pending before the Rajya Sabha, the sources said.

It has already been decided to set up separate joint venture companies for the two airports by the AAI. The pattern of privatisation of Delhi and Mumbai airports could become the basis for other airports in the country as well, they said.

As soon as the Cabinet nod is granted, expressions of interest would be sought on a global basis from interested parties, especially those associated with aviation and airports, the sources said.

The joint venture partners of AAI are slated to be identified by February next year, they said, adding the JV partners could also be in the form of a consortium of several companies, which would be given the management of the two airports as soon as the basic designs are approved.