New Delhi: GMR-led Delhi International Airport Ltd (DIAL) has not paid interest in the last three months on a loan taken to upgrade the airport. The interest dues have now accumulated to R160 crore. If repayments are delayed further, lenders led by Canara Bank who had given the loan will have to classify the GMR loan as a non-performing asset as per Reserve Bank of India guidelines.
Company sources said the Supreme Court’s recent order prohibiting collection of airport development fees (ADF) from passengers has impacted revenues. The fees — which the court said was not backed by any statute — would have brought around R50 crore every month.
GMR Airports chief financial officer (CFO) Sidharth Kapur confirmed the default to FE, adding, “the lenders have not given us any notice, but have expressed concern”.
03/08/11 Nirbhay Kumar/Financial Express
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