The empowered group of ministers on Friday deferred a decision on the appointment of a financial consultant for privatisation and modernisation of Delhi and Mumbai airports.

At its first meeting held on November 9, the GoM, comprising Finance Minister Jaswant Singh, Divestment Minister Arun Shourie, Law Minister Arun Jaitley and Civil Aviation Minister Rajiv Pratap Rudy shortlisted ABN-Amro, Ernst and Young and KPMG from among a total of five firms, setting in motion the process of modernisation of the two airports.

After an hour-long meeting on Friday, Rudy said the three firms have been asked to give a presentation before the GoM on November 19 to know their experience and qualification before appointment.

He said their expertise needed to be evaluated as the estimated cost of the modernisation of the two airports was around Rs 4,000 crore (Rs 40 billion).

Sources in the civil aviation ministry said most probably a decision on the appointment of financial consultant would be firmed up on November 19.

Rudy had earlier said the process would now onwards be monitored on "a week-by-week basis" and the schedule finalised by May 30 next year.