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GMR Infra gets Rs 415 cr in outstanding dues from Air India

BT Online Bureau     February 7, 2013
Air India has cleared a large chunk of its dues to GMR-led operators of Delhi and Hyderabad airports. GMR Infrastructure confirmed on Wednesday that it has received payment of Rs 415 crore from Air India towards outstanding dues on account of various airport related charges for Delhi and Hyderabad airports.

"After long time they (Air India) have given us some sizable money. We received Rs 415 crore on January 30 (from them) towards payment of UDF, ADF, landing and parking, everything," GMR's CFO for airport business Sidharth Kapur said.

Of this, Rs 340 crore payment has been made for user development fee (UDF), airport development fee (ADF) and landing and parking charges at the Delhi International Airport, while Rs 75 crore payment was made for usage of similar facilities at the Hyderabad International Airport.

Post this payment, dues on Air India has come down to Rs 375 crore, Kapur said, adding that he is hopeful of Air India clearing remaining dues in next few months to reach a regular payment status.

He, however, refused to comment on whether the airport business would become profitable after this payment, as financial results of GMR Infrastructure are slated to be taken up by the company Board in next few days.

GMR also has outstanding dues of about Rs 49 crore on Vijay Mallya-promoted Kingfisher Airlines for usage of facilities at the Delhi airport as on January 15.

During the first half of the current fiscal, the airport business of GMR had reported Rs 118 crore loss before minority, the company had said in November while announcing the results for July-September quarter.

The company had then said that it has not accounted Rs 129 crore dues on Air India for the July-September quarter as a matter of prudence and the airport business would have shown profits had the dues been recognised.

Besides Delhi and Hyderabad airports, GMR Infrastructure is also the operator of Turkey's Istanbul International Airport. In December, the company had suffered a setback as it was pushed out of a contract by Maldives government to develop and modernise the Ibrahim Nasir International Airport (INIA) in Male.

The company, which had invested about $240 million on the development of Male airport before being forced to exit, is now looking for compensation from the Maldives government.

With PTI inputs

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