Adani Enterprises paid ?1,103 crore for Ahmedabad, Mangaluru, Lucknow airports

The concessionaires of Ahmedabad, Mangaluru and Lucknow airports had to pay ?1,103 crore to AAI, which included capital for Regulatory Assets Base for aeronautical and non- aeronautical assets and Cost of Capital Work in Progress incurred by AAI 

Billionaire Gautam Adani-controlled Adani Enterprises paid ?1,103 crore to state-owned Airports Authority of India (AAI) for taking over its airport assets at Ahmedabad, Mangaluru, and Lucknow, minister of state for civil aviation V.K. Singh said on Monday.

Responding to a question at the Rajya Sabha by Trinamool Congress member of parliament Jawhar Sircar, Singh said that as per the concession agreements, the concessionaires of airports at Ahmedabad, Mangaluru, and Lucknow had to pay AAI an amount of ?1,103 crore.

This included capital for Regulatory Assets Base (RAB) for aeronautical and non-aeronautical assets and Cost of Capital Work in Progress (CWIP) incurred by AAI at these airports.

“So far, the Concessionaires have paid AAI a sum of approximately ?1,103 crore comprising deemed initial RAB up to 31 March 2018 and cost of CWIP as on takeover date of respective airports," Singh said.

“The remaining adjusted deemed initial RAB up to takeover date of the airports, as determined by Airport Economic Regulatory Authority of India (AERA), is part of balance payment that the Concessionaires is liable to pay," he added.

Adani Enterprises took over the operations at Ahmedabad, Mangaluru and Lucknow airports in November 2020.

The concessionaire had earlier in 2020 invoked force majeure on account of the pandemic and sought a 205-day extension to take over the airports, Singh said.

The AAI, however, granted the concessionaire 90 days’ extension, he added.

Adani Enterprises became the country’s largest airport operator earlier this year after taking a controlling stake in MIAL (Mumbai International Airport Ltd), which runs the Chhatrapati Shivaji Maharaj International Airport (CSMIA) in Mumbai, the second busiest in the country after Delhi’s Indira Gandhi International Airport.

The company also operates airports at Jaipur, Guwahati and Thiruvananthapuram.
 

Get watch our process Click here Ideal Stock Investment , daily call profit, Market News, Fill Our ask an Expert form