New Delhi, Nov. 11 -- Billionaire Sajjan Jindal-led JSW Group has ruled out bidding in the government's latest airport privatization round-at least for now.

The decision came after an internal review concluded that airports are "a quasi-real estate play." However, JSW remains open to reconsidering its stand if bigger city airports, including Kolkata and Chennai, are opened up for private participation.

"We set up a small team to study the airport business. We evaluated the pros and cons, the investment required, and the returns. We realized it is a kind of real estate investment. We felt it doesn't fit into any of our existing businesses," Parth Jindal, managing director of JSW Cements and JSW Paints, told Mint.

The team, formed under ...