AAI is set to begin the third round of airport monetisation, inviting bids for 11 airports by April under a new bundling strategy. The government has formed five bundles pairing larger and smaller airports, including Amritsar with Kangra and Varanasi with Kushinagar and Gaya. Officials in the Ministry of Civil Aviation said that five airport operators have expressed preliminary interest. The airports will be leased on long-term concession through the public-private partnership model for operation, management and development. The public private partnership appraisal committee is expected to clear the proposal within the next two months, after which requests for proposals will be issued. The government aims to raise Rs 60 billion (Rs 60 bn) in 2026-27 from the leases to fund further airport expansion and new assets by AAI. Named potential bidders include the Adani Group, GMR Airports, Vinci Airports and investment firm NIIF, while several global private equity funds have shown interest. Airports will be awarded to bidders offering the highest revenue share per passenger to AAI, a mechanism intended to improve transparency. The appraisal committee will review key structural choices such as revenue sharing versus per passenger fees, user development fee frameworks and operator caps. The bundling approach is intended to enable cross-subsidisation, pairing profitable hubs with smaller non-metro airports to ensure sustained investment. Airport monetisation began in 2003 with PPPs for Delhi and Mumbai and subsequent rounds included leases for Ahmedabad, Lucknow and other regional airports. Separately, the government will sell up to five per cent stake in Bharat Heavy Electricals (BHEL) via an offer for sale to raise Rs 44.22 billion (Rs 44.22 bn), offering three per cent with an additional two per cent as a greenshoe and setting a floor price of Rs 254, a discount of nearly eight per cent to the Bombay Stock Exchange (BSE) close, bringing disinvestment receipts so far to Rs 87.68 billion (Rs 87.68 bn).