GMR to delink realty proj from Delhi airport

New Delhi: GMR, the lead private partner in Delhi International Airport (DIAL), has decided to delink the controversial real estate project from the development of the airport.
DIAL had earlier cleared a plan under which refundable deposits of around Rs 2,750 crore raised from developers of the real estate project (which includes hotels and commercial space) would be used to part-fund the Rs 8,950 crore airport modernisation.
It has now mooted an alternative plan, which has been accepted in-principle by the civil aviation ministry, under which the amount of Rs 2,750 crore would be raised through equity from stakeholders in proportion to their participation in the project.
Under the new scheme, GMR which holds 50.1% in DIAL will have to pump in around Rs 1,386 crore (in addition to Rs 593 crore as per the previous model), AAI which has a 26% stake will have to shell out around Rs 719 crore (in addition to around Rs 308 crore committed earlier) and other partners will have to put in Rs 645 crore (in addition to Rs 299 crore).
05/02/08 Business Standard

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Categories: airports Feb 2008