GMR gets some relief as AI settles part of its dues

Received Rs 415 crore in outstanding dues                                                                                                                                                                                                                                                                                                                                                                             GMR Infrastructure, the Bangalore-based infrastructure developer, got some relief on Wednesday as Air India paid nearly half of its total outstanding of close to Rs 800 crore for having used the services of GMR Infrastructure at Hyderabad and New Delhi airports.

 

GMR Infrastructure said it has received Rs 415 crore in outstanding dues from Air India and this will help improve the cash-flow and profitability position for both airports. The sum paid includes landing and parking charges.

 

Out of the amount, Rs 75 crore has been received on account of operations at the Hyderabad airport (GHIAL) and the remainder Rs 340 crore is for Delhi airport (DIAL).  Post this, Air India owes around Rs 375 crore towards GMR Infrastructure. In addition to this,  it is understood Kingfisher Airlines has an outstanding close to Rs 60 crore.

 

A GMR spokesperson said: “The national carrier Air India is an important business partner for us. It is heartening for us to note that Air India has made large payments over the last two months to  clear the outstanding dues to the GMR group. We are hopeful that Air India will clear remaining dues in an expeditious manner to reach a regular payment status.”

 

For GMR, this comes as big relief after its major setback after having been forced give up the $500 million Male International Airport. The airport vertical with its boquet of three airports-Delhi, Hyderabad and at Istanbul, posted revenues of Rs 1,095 crore with a net profit of close to Rs 6 crore. The airport vertical during the end of the second quarter managed to come to post profits after it got the regulators nod to levy the airport development fee.