Delhi airport firm to modify financing plan

New Delhi: The Delhi International Airport Limited (DIAL) has agreed to modify its innovative financing plan, wherein it proposed to charge high deposits and low rentals from the winning bidder for commercially developing 43 acres of land around the airport.
The plan had become a bone of contention, with the government asking DIAL not to proceed with its proposed plan despite a clean chit by the attorney general.
Civil aviation secretary Ashok Chawla told Business Standard that DIAL had agreed not to proceed with the existing deposit plan and will instead raise the required money either through preferential shares or partially convertible bonds.
DIAL is also unlikely to set up subsidiaries, as proposed earlier. Hotel and commercial development may be handled directly.
In other words, it may no longer continue with its old business plan of setting up subsidiaries to handle different portions of the business.
23/01/08 Business Standard

To Read the News in full at Source, Click the Headline

Categories: Airports Jan 2008, New Jan 2008