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Around Rs 250 crore
penalty was adjusted against the 46% revenue share from AAI since 2011
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Air India (AI)
and Airport Authority of India (AAI) may be different government entities but
when it came to the pending AI’sdues to Delhi airport operator (DIAL),
around Rs 250 crore was adjusted against the 46 per cent revenue share of AAI from the airport since 2011.
Confirming this, a senior AAI official
said, “As Air India will be paying its pending dues to DIAL in a week or so, we are expecting DIAL
to pay the amount at an interest rate of 9.5 per cent.”
However,
DIAL denied that it was adjusting AI’s pending dues against AAI’s revenue
share.
According
to DIAL spokesperson, “DIAL has not withheld any revenue share of AAI and pays
it regularly in line with concession terms. In line with accounting standards
the Board of DIAL in October 2011 decided to recognize Air India revenue on
receipt basis, given timing uncertainty.”
Air India owes DIAL a total of Rs 516 Crore [excluding interest as of Dec 31, 2012 which includes ADF and PSF (Security component)] amounting to Rs 160 crore on which there is no revenue share. The remaining unpaid dues towards revenue of Rs 356 crore will be accounted on receipt basis and revenue share shall be paid accordingly, he added.
However, according to an aviation expert, “DIAL was totally justified in holding back the share of revenue that they never received. It cannot be paying on behalf of defaulting airlines.”
Though Air India was also faltering on payments to Mumbai International Airport Limited (MIAL) yet it did not resort to withholding payments from AAI’s revenue share, the official added.
Air India owes DIAL a total of Rs 516 Crore [excluding interest as of Dec 31, 2012 which includes ADF and PSF (Security component)] amounting to Rs 160 crore on which there is no revenue share. The remaining unpaid dues towards revenue of Rs 356 crore will be accounted on receipt basis and revenue share shall be paid accordingly, he added.
However, according to an aviation expert, “DIAL was totally justified in holding back the share of revenue that they never received. It cannot be paying on behalf of defaulting airlines.”
Though Air India was also faltering on payments to Mumbai International Airport Limited (MIAL) yet it did not resort to withholding payments from AAI’s revenue share, the official added.
Of
Rs 2,000 crore released by the finance ministry for Air India’s turnaround plan
in the winter session of the parliament, AI will be clearing its dues first to
all the private airport operators and PLIs (Productivity Linked Incentives) to
the employees. Air India was expected to receive Rs 10,000 crore in 2012-13 but
it received only Rs 6,000 crore.
“As AI will be receiving remaining Rs 4,000 crore in next budget session, we are planning to clear all its dues to oil companies till April. With this, AI will be free of all its dues to airport operators and oil companies,” said as senior Air India official.
Delhi airport is owned by a consortium. The GMR Group owns 50.1 per cent, AAI owns 26 per cent, Fraport AG and Malaysia Airport hold 10 per cent each, and India Development Fund owns 3.9 per cent. DIAL (run by GMR) is supposed to share 46 per cent of total revenue with AAI.
“As AI will be receiving remaining Rs 4,000 crore in next budget session, we are planning to clear all its dues to oil companies till April. With this, AI will be free of all its dues to airport operators and oil companies,” said as senior Air India official.
Delhi airport is owned by a consortium. The GMR Group owns 50.1 per cent, AAI owns 26 per cent, Fraport AG and Malaysia Airport hold 10 per cent each, and India Development Fund owns 3.9 per cent. DIAL (run by GMR) is supposed to share 46 per cent of total revenue with AAI.
Increasingly,
the revenue share that AAI receives from DIAL and MIAL is contributing more to
its capital expenditure. Of Rs 2095 crore capital expenditure of AAI in
2011-12, around 57 per cent was collectively from DIAL and MIAL.
DIAL has created 11 JVs to operate various non-aeronautical businesses. Its share in the JVs range from 26 to 50 per cent and the revenue share is 15 to 25 per cent. The JVs are for duty-free shops, food stalls, advertising, parking, fuel supply, cargo and other services.
http://business-standard.com/india/news/ai-faltereddial-aai-borebrunt/204122/onDIAL has created 11 JVs to operate various non-aeronautical businesses. Its share in the JVs range from 26 to 50 per cent and the revenue share is 15 to 25 per cent. The JVs are for duty-free shops, food stalls, advertising, parking, fuel supply, cargo and other services.
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