The National Civil Aviation Agency of Brazil has set minimum bids for the rights to renovate and operate three of the country’s largest airports.

Bids for the concessions on Guarulhos airport in Sao Paulo, Viracopos airport in Campinas and Brasilia airport were fixed at R$2.3bn ($1.3bn), R$521m and R$75m, respectively.

Under the 20-year term of the agreement, the winning bidder for Guarulhos airport will be required to invest R$4.8bn and will be charged up to 10% of gross revenues.

Bidders for Viracopos airport will need to invest R$9.9bn and pay 5% of gross revenues over a 30-year contract.

The required investment for Brasilia airport will be R$2.2bn and 2% of receipts under a 25-year concession.

The auction is scheduled for 22 December 2011, although the federal audit court must first approve the terms.