Monday, August 08, 2011

AAI to subscribe to equity of Kannur airport

Thiruvananthapuram: The Airports Authority of India has come forward to subscribe to the equity in the Kannur airport project, Minister for Excise and Ports K. Babu said here on Monday.
Talking to the media after conferences on development of the airports in the State, the Minister said that the authority would subscribe to 10 to 11 per cent of the equity subject to clearance of its Director Board.
The consultancy for the project had been awarded to the authority, and it was expected to complete the project report by November.
He said Kinfra would transfer 516 acres acquired for the airport shortly to the government so that it could be transferred to Kannur International Airport Limited.
Its value would be treated as equity of the State government in the project (26 per cent). In addition, Kinfra would give 730 acres on lease to the airport company after getting Cabinet clearance.
Mr. Babu said Air India had agreed to operate a 40-seater flight connecting Thiruvananthapuram, Kochi, and Kozhikode. The State government would provide tax concession for fuel to be used for this flight. The service would start during Onam.
08/08/11 The Hindu
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