Mumbai: The state-run Airports Authority of India (AAI) has decided to give the Adani Group time till November 12, 2020 to take over the commercial operations of the three privatised airports Ahmedabad, Lucknow and Mangaluru, said multiple people in the know.
This is less than half the seven-month extension the group had asked for, citing the Force Majeure clause because of Covid19. ET had reported it on June 4.
AAI will also reject the company’s requests of a six month moratorium on payment of concession fees and a three month extension on reimbursements to AAI. The decisions were made by the AAI board on Friday, said a senior executive.
An Adani Group spokesman didn't immediately respond to queries.
Adani had signed concession agreements for the three airports on February 14, 2020 and was supposed to take over commercial operations by August 12. But in March, it asked for an extension, citing the acute impact of the Coronavirus crisis and subsequent lockdown on aviation business. Adani had in Feb 2019 won bids to privatise six airports also including Jaipur, Guwahati and Thiruvananthapuram. It hasn't signed concession agreements for the latter three yet.
In the board meeting, AAI has said the decision to curtail the extension to three months was made considering the partial resumption of flights from May 25 and resumption of several economic activities from June 1, one of the people told ET. The government allowed flights to resume after keeping them suspended since March 25 to prevent the spread of the virus.
20/06/20 Anirban Chowdhury/Economic Times
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This is less than half the seven-month extension the group had asked for, citing the Force Majeure clause because of Covid19. ET had reported it on June 4.
AAI will also reject the company’s requests of a six month moratorium on payment of concession fees and a three month extension on reimbursements to AAI. The decisions were made by the AAI board on Friday, said a senior executive.
An Adani Group spokesman didn't immediately respond to queries.
Adani had signed concession agreements for the three airports on February 14, 2020 and was supposed to take over commercial operations by August 12. But in March, it asked for an extension, citing the acute impact of the Coronavirus crisis and subsequent lockdown on aviation business. Adani had in Feb 2019 won bids to privatise six airports also including Jaipur, Guwahati and Thiruvananthapuram. It hasn't signed concession agreements for the latter three yet.
In the board meeting, AAI has said the decision to curtail the extension to three months was made considering the partial resumption of flights from May 25 and resumption of several economic activities from June 1, one of the people told ET. The government allowed flights to resume after keeping them suspended since March 25 to prevent the spread of the virus.
20/06/20 Anirban Chowdhury/Economic Times
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