GMR Infrastructure has appealed to
the Appellate Tribunal to further increase the aeronautical charges at the
Delhi International Airport Limited (DIAL) that it manages. The Bangalore-based
publicly-held infrastructure developer’s move comes hardly a month after the
airport tariff regulator, Airports Economic Regulatory Authority (AERA),
allowed a 16 per cent return on equity, while GMR had sought a 24 per cent
return.
A GMR spokesperson confirmed that
the company had filed an appeal for higher returns on its equity, saying 16 per
cent was an option that would be difficult for the company to sustain. The
company said considering additional investments done as per the terms of the
concession, including capacity building and new features factored in, the rate increase
effective from May 15 this year was less than half of the requested increase,
and therefore, inadequate.
GMR also said that similarly, for
quasi equity-based return on refundable security deposits, DIAL had been
granted nil return. These factors had contributed to the approved revision in
aeronautical rate not being in line with the expectation, GMR said.
“DIAL is making losses due to delay
in revision of aeronautical charges and significant airline over dues,” the
company said.
GMR has invested close to Rs 13,000
crore, and has developed a total of 5.5 million square feet at DIAL. DIAL
posted a net loss of Rs 231 crore for the fourth quarter ended March 31, 2012,
compared to a loss of Rs 115 crore in the year-ago quarter. Net revenues moved
up marginally to Rs 2,024 crore.
The revised rates will be charged in
the form of an enhanced landing and parking fee for aircraft and a user
development fee for passengers. According to the new order, GMR is collecting
Rs 426 per passenger, against Rs 101 earlier, on domestic routes and Rs 1,120
per passenger, against Rs 280, on international routes. Almost all airlines
have understood to have filed in their appeals to AERA to resist the hike.
This is the second time that GMR
Infrastructure has approached the tribunal, after an ongoing case demanding for
the double-till model at the Hyderabad International Airport.
Early this year, AERA had said that
all major airports except Delhi and Mumbai would charge under the single-till
model, which, according to AERA, benefits airlines and passengers.
In the single-till model, airport
charges are fixed by taking into account all main airport activities, such as
aeronautical or flying-related activities and non-aeronautical activities such
as commercial use of airport space. The dual-till model considers aeronautical
activities.
http://www.business-standard.com/india/news/gmr-moves-appellate-tribunal-for-higher-aeronautical-charges/478508/
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