Adani Group pays Rs 2,440 cr to AAI for acquiring six airports
10 Nov 2021
2 Min Read
CW Team
The Adani Group has made a one-time payment of Rs 2,440 crore to the Airport Authority of India (AAI) for the possession of six airports after it won the bids.
Chairman of AAI, Sanjeev Kumar, said that the one-time payment had been made against the capital work in progress and investments in regulated assets.
He added that the authority had repaid some working capital loans from this payment that it took last year to repay salaries. AAI had to borrow money to pay salaries to the employees and took loans of nearly Rs 1,500 crore from the State Bank of India (SBI) to meet the requirements of working capital in 2020-21 after getting hit by the Covid-19 pandemic.
He said that AAI had witnessed a loss of Rs 1,962 crore in 2020-21. The authority has repaid Rs 600 crore of the working capital loans of Rs 500 crore in April to May and Rs 100 crore in July. AAI has availed Rs 850 crore, and Rs 650 crore is still available at AAI. The repayments were made from the one-time payment received from Adani.
Adani has won airports in Ahmedabad, Jaipur, Guwahati, Lucknow, Mangalore and Thiruvananthapuram through competitive bid announcements in 2019. The company operated its airports under Adani Airports Holding Limited (AAHL) and its Mumbai airport from GVK Group. It holds 74% in the airport company and the remaining 26% is with AAI.
As per an official source, Adani Group focuses on creating airport business assets beyond aviation to complement the business from its air passengers.
Sources told the media that with the current aviation strategy and travel restrictions, the company aims at capitalising the airports by which the company can operate its aviation business with urban developments, entertainment facilities, e-commerce, logistics, smart city developments, aviation-dependent industries and innovative business concepts.
Also read: Adani takes up O&M of Thiruvananthapuram International Airport
The Adani Group has made a one-time payment of Rs 2,440 crore to the Airport Authority of India (AAI) for the possession of six airports after it won the bids.
Chairman of AAI, Sanjeev Kumar, said that the one-time payment had been made against the capital work in progress and investments in regulated assets.
He added that the authority had repaid some working capital loans from this payment that it took last year to repay salaries. AAI had to borrow money to pay salaries to the employees and took loans of nearly Rs 1,500 crore from the State Bank of India (SBI) to meet the requirements of working capital in 2020-21 after getting hit by the Covid-19 pandemic.
He said that AAI had witnessed a loss of Rs 1,962 crore in 2020-21. The authority has repaid Rs 600 crore of the working capital loans of Rs 500 crore in April to May and Rs 100 crore in July. AAI has availed Rs 850 crore, and Rs 650 crore is still available at AAI. The repayments were made from the one-time payment received from Adani.
Adani has won airports in Ahmedabad, Jaipur, Guwahati, Lucknow, Mangalore and Thiruvananthapuram through competitive bid announcements in 2019. The company operated its airports under Adani Airports Holding Limited (AAHL) and its Mumbai airport from GVK Group. It holds 74% in the airport company and the remaining 26% is with AAI.
As per an official source, Adani Group focuses on creating airport business assets beyond aviation to complement the business from its air passengers.
Sources told the media that with the current aviation strategy and travel restrictions, the company aims at capitalising the airports by which the company can operate its aviation business with urban developments, entertainment facilities, e-commerce, logistics, smart city developments, aviation-dependent industries and innovative business concepts.
Image Source
Also read: Adani takes up O&M of Thiruvananthapuram International Airport
Next Story
Capacit鈥檈 Infraprojects Wins Rs 6.21 billion order from Saifee Burhani Upliftment Trust
Capacit鈥檈 Infraprojects has secured a Letter of Intent (LOI) worth Rs 6.21 billion (excluding GST) from Saifee Burhani Upliftment Trust (SBUT) for the execution of core and shell works, finishing, MEPF services, and other associated components of the redevelopment project鈥擲ector 07 of the Saifee Burhani Upliftment Project鈥攍ocated at Ward 鈥楥鈥�, Bhendi Bazaar, Mumbai. This is the third repeat order from SBUT to Capacit鈥檈 Infraprojects, underscoring the trust and satisfaction of a long-standing client in the company鈥檚 project delivery capabilities. Commenting on the develop..
Next Story
K Raheja Corp's Volunteering Drive Brings Back-to-School Cheer for Underprivileged Kids
Real estate major K Raheja Corp concluded its latest community initiative under the 鈥楾ime Off for Volunteering鈥� programme, titled Paint a Pair, Show You Care. Held in association with NGO ConnectFor, the campaign was part of a larger 'Back to School' drive aimed at supporting underprivileged students from the Jhanvi Charitable Trust. More than 45 employees from across group companies鈥擬indspace Business Parks, Chalet Hotels Ltd., K Raheja Corp 亚博体育官网首页s, and Inorbit Malls鈥攃ame together to hand-paint over 60 pairs of canvas shoes for children preparing to return to school. Volunteers al..
Next Story
CCI Worldwide Logistics Launches 鈥楾rans Africa鈥� Freight Service
CCI Worldwide Logistics, the international freight forwarding arm of the CCI Group, has launched 鈥楾rans Africa鈥欌�攁 technology-led logistics platform aimed at streamlining cross-border trade across Africa. The company is investing Rs 1.06 billion in the initiative, targeting an annual freight volume of 5,000 TEUs by air and sea, with an estimated 15 per cent return on investment. The service is being rolled out in key markets such as Nigeria, Kenya, South Africa, Ghana, and Egypt, with planned expansion into Francophone West Africa, Central Africa, and landlocked nations including Uga..
