New Delhi: Faced with severe cash crunch GMR group’s Delhi International Airport (DIAL) has asked Airports Authority of India (AAI), also its joint venture partner in the Delhi’s IGI airport, for a R350-crore loan on commercial terms. DIAL has said it would repay the loan as soon as it gets its dues from airlines which have not paid airport charges for the last several months.
“We have discussed this issue with the aviation ministry. Air India owes us R350 crore in airport dues. We will pay pack to AAI after we get payment from the airline,” a GMR group official said.
DIAL has, meanwhile, received ten post-dated cheques from Kingfisher Airlines on account of dues of around R60 crore. Following the Delhi High Court order to stop collection of airport development fee (ADF) in June and a delay in government decision on revising airport charges, DIAL has seen its cash flow choking. It reported a net loss of R192 crore in the quarter ending June even as the traffic rose 23% during same period.
GMR group earns nearly 45% revenue from its airport business. “Once we start collecting the development fee and the tariff revision is approved by the government financial position would improve,” the official said.
06/09/11 Nirbhay Kumar/Financial Express
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