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<keyword id="244668" type="COMPANY" weightage="20" keywordseo="GMR-Hyderabad-International-Airport-Ltd">GMR Hyderabad International Airport Ltd</keyword> (GHIAL) has bagged <keyword id="113134" type="COMPANY" weightage="20" keywordseo="Airports-Council-International">Airports Council International</keyword> (ACI) Airport Service Quality (ASQ) award for 2020. Hyderabad Airport has been adjudged as the '<keyword id="152747" type="PERSON" weightage="20" keywordseo="Best-Airport">Best Airport</keyword> by Size and <keyword id="6401650" type="UNKNOWN" weightage="20" keywordseo="region">Region</keyword>' in Asia-Pacific region for 2020, in its category of 15-25 Million Passengers Per Annum (MPPA). ASQ is the <keyword id="6354507" type="UNKNOWN" weightage="20" keywordseo="World">world</keyword>'s leading airport passenger service and benchmarking programme measuring passengers' satisfaction while they are travelling through an airport, GHIAL said in a statement on Monday. "This achievement is a testament to the untiring efforts of our stakeholders including DGCA, CISF, BCAS, AAI, Immigration, Customs, Airlines; our employees and all business partners/vendors, who have worked unnerved during the testing times of the Covid pandemic," said Pradeep Panicker, CEO - GHIAL. "In terms of passenger experience, Covid-19 has taught us many lessons. We adopted the best in-house technology to make flying more safe and provide a superior customer experience and the ACI ASQ Award is a testimony to our efforts. This award is a collaborative effort of engagement by all stakeholders who exhibited unflinching courage in the face of the pandemic," said SGK Kishore, ED-South and Chief Innovation Officer, GMR Airports. Luis Felipe de Oliveira, Director General, ACI World, noted in his message to GHIAL congratulated for winning the award. As India's first modern, Greenfield airport developed under the PPP model, Hyderabad Airport has consistently raised the bar in terms of service and operational excellence. The airport has consistently ranked in ACI-ASQ survey as among the global top 3 airports for 9 consecutive years (2009 to 2017) including world number one position for 4 times in 2009, 2010, 2016 and 2017 in 5 - 15 MPPA category; it ranked world number 4 in 2018 in 15 - 25 MPPA category. GHIAL has won the coveted ACI's ASQ Departures Awards by being adjudged as the 'Best Airport by Size and Region' and its first ever 'Best Airport in Environment &amp; Ambience by Size', both in Asia-Pacific region for 2019, in its category of 15-25 MPPA. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/checkout-february-auto-sales-from-maruti-suzuki-bajaj-auto-hero-motocorp-tvs-ashok-leyland-mahindra-and-others/articleshow/81270921.cms?upcache=2">Tata Motors reports highest passenger vehicle sales in 9 years — Maruti, Ashok Leyland, outperform street expectations</a> <a href="https://www.businessinsider.in/science/space/news/europe-space-agency-hiring-astronauts-it-is-looking-for-women-and-people-with-physical-disabilities/articleshow/81271858.cms">Europe’s space agency is recruiting astronauts after over a decade — and its looking for women and people with physical disabilities</a> <a href="https://www.businessinsider.in/india/news/indians-are-heading-back-to-parks-supermarkets-and-pharmacies-but-malls-and-theatres-are-not-on-the-priority-list/articleshow/81271614.cms">Indians are heading back to parks, supermarkets and pharmacies — but malls and theatres are not on the priority list</a>

Hyderabad airport bags award for best airport by 'size and region' for 2020

<keyword id="20113876" type="General" weightage="20" keywordseo="Adani-Enterprises-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Enterprises Ltd" meta.hostid="267" meta.entityid="Adani Enterprises Ltd">Adani Enterprises Ltd</keyword>, the flagship incubator of billionaire <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword>'s conglomerate, on Thursday reported a 37 per cent drop in March quarter <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword>, bogged down by one-time past airport dues and commercial mining losses. Its consolidated net profit of Rs 450.58 crore in January-March - the fourth quarter of fiscal year 2023-24 - compares to Rs 722.48 crore net profit in the same period last year and Rs 1,888.45 crore earning in the preceding quarter, according to a stock exchange filing by the company. The firm, which incubates business from airports to data centres, reported an 8 per cent decline in EBITDA (earnings before interest, taxes, depreciation, and amortization) at Rs 3,646 crore in <keyword id="20028449" type="General" weightage="20" keywordseo="Q4" source="keywords">Q4</keyword>. While incubating businesses like new energy and airports showed strong momentum, the firm suffered a loss of Rs 201.83 crore in commercial mining, while the pre-tax earnings from the road business plummeted 84 per cent to Rs 222.03 crore. Also, its unit Mumbai International Airport Ltd (MIAL) recognised a one-time exceptional expense of Rs 627 crore to make up for past payments. Adani New Industries Limited (ANIL), a unit of the company that holds the new energy business -- including solar module and wind turbine manufacturing, saw a 6.2x growth in EBITDA to Rs 641 crore, while the same at airports business more than doubled to Rs 662 crore. The number of passengers at company-run airports rose 19 per cent to 88.6 million. Its revenue from operations was up at Rs 29,180.02 crore in the three months to March 31 from Rs 28,943.84 crore a year ago. For the full fiscal 2023-24 (FY24), net profit soared 31 per cent to Rs 3,240.78 crore. This is despite revenue from operations falling to Rs 96,420.98 crore from Rs 1,27,539.50 crore in 2022-23. Its consolidated EBITDA for FY24 increased by 32 per cent to Rs 13,237 crore that of incubating businesses grew by 47 per cent year-on-year. "<keyword id="20113873" type="General" weightage="20" keywordseo="Adani-Enterprises" source="keywords">Adani Enterprises</keyword> has once again validated its position not only as the premier business incubator in India but also as a global leader in infrastructure development," said Gautam Adani, Chairman of the Adani Group. "AEL's resilient growth model of incubation confirms the operational and organisational excellence. This is supported by high ratings and fully funded growth. Our commitment to excellence in project management and operations continues to set global benchmarks, ensuring sustainable long-term value creation for our stakeholders. We remain dedicated to corporate governance, meticulous compliance, robust performance and effective capital flow management." Giving an operational update, the firm said ingot and wafer units, which are used to manufacture solar modules that trap sunlight to produce electricity, are operational, while it has got orders for the manufacture of 254 sets of wind turbines. Its joint venture with EdgeConneX has one operational data centre in Chennai and construction in Noida and Hyderabad facilities is 81-88 per cent complete. It plans to build nine data centres with a total capacity of 1 gigawatt by 2030 to provide infrastructure for the booming digital services demand. Also, Adani started a copper unit in Mundra in March to foray into the metals business. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a><a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-with-5500mah-battery-launched-in-india-starting-at-27999/articleshow/109781103.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-with-5500mah-battery-launched-in-india-starting-at-27999/articleshow/109781103.cms" target="_blank">Vivo V30e with 5,500mAh battery launched in India starting at ₹27,999</a>

Adani Enterprises Q4 net falls 37%; incubating businesses show strong momentum

<ul><li>The deal will result in the separation of GMR’s airports business from its other divisions. </li><li>Tata Group will get a 20% stake in the airports business. </li><li>An affiliate of Singapore <keyword id="169741" type="ORGANIZATION" weightage="20" keywordseo="sovereign-wealth-fund">sovereign wealth fund</keyword> GIC and a special situations and turnaround-focused investment firm, SSG Capital Management, will each own a 15% and 10% stake, respectively. </li><li>The deal will help GMR “substantially” pay down its debt and strengthen its balance sheet. </li></ul>India’s <keyword id="201409" type="DOMAIN" weightage="20" keywordseo="GMR-Infrastructure-Ltd">GMR Infrastructure Ltd</keyword>. (GIL), which operates the <keyword id="89772" type="LOCATION" weightage="20" keywordseo="Indira-Gandhi-International-Airport">Indira Gandhi International Airport</keyword>, has brought on the Tata Group as an investor in its airports business, in a restructuring deal valued at about ₹224.75 billion ($3.2 billion). Tata, along with an affiliate of Singapore sovereign wealth fund GIC, and SSG Capital Management, a special situations and turnaround investment firm, have agreed to together invest ₹80 billion ($1.15 billion) in GMR Airports Ltd, according to a company statement. GMR shares jumped almost 10% following the news of the deal. According to the terms of the deal, Tata will get a 20% stake in the airports business, while GIC and SSG will each own a 15% and 10% stake, respectively. Its existing private equity investors who hold 5.8% stake in the company will cash out as part of the deal. The deal will result in the separation of GMR’s airports business and “demerger” of its energy, highways, urban Infrastructure &amp; transportation businesses. The demerger and the resulting spin out will pave the way for a “restructuring” of the business, helping GMR pay down debt, and have other “multiple strategic benefits.” The ₹22.5 billion-deal, subject to regulatory approvals, also includes earn-outs of up to ₹4.5 billion over the next five years that will be payable by the investors based on certain performance-related milestones. GIL plans to retain management control over the Airports Business, while the investors will have board seats. As part of the transaction, the investors plan to pump in fresh equity of ₹10 billion into the airports business and spend ₹70 billion towards buying out shares from existing investors, according to the statement. “The proposed investment endorses the strength of the unparalleled Airport platform created by <keyword id="46306" type="COMPANY" weightage="20" keywordseo="GMR-Group">GMR Group</keyword> and will reduce our debt substantially, strengthening our balance sheet,” Grandhi Kiran Kumar, Managing Director &amp; CEO, GIL, said in the statement. The deal and the “large pool of capital” will help grow the GMR Airport infrastructure business, Kumar added. GMR’s airports portfolio includes the Indira Gandhi International Airport in New Delhi, Hyderabad’s <keyword id="114800" type="LOCATION" weightage="20" keywordseo="Rajiv-Gandhi-International-airport">Rajiv Gandhi International Airport</keyword>, and the Mactan Cebu International Airport in partnership with Megawide in Philippines.

Tata Group enters airports business with a $3.2 billion restructuring deal with GMR

Hyderabad, Mar 13 ( ) Budget carrier SpiceJet on Friday announced signing of a pact with GMR Hyderabad Aviation SEZ Limited (GHASL) for setting up a warehousing, distribution and trading facility in the airport operator's aerospace and industrial park. GAHSL is a fully-owned subsidiary of GMR Hyderabad International Airport Ltd (GHIAL). The facility, to be intially spread over in 33,000 sq feet area, will come up within the Free Trade Warehousing Zone of multi-product special economic zone (SEZ), SpiceJet said in a release. It may be further expanded to 1,00,000 sq ft based on demand, it said. GMR Aerospace and Industrial Park is housed in Hyderabad Airport City. The park offers 'ready-to-use' industrial infrastructure with the flexibility of choosing land within SEZ for businesses focusing on foreign markets and land in domestic tariff area for businesses catering to the Indian market. "As we expand SpiceXpress, our cargo arm, SpiceJet is proud to partner with GHASL for this first-of-its-kind initiative by an airline in India which will enhance and facilitate cargo industry in the country," airline Chairman and Managing Director Ajay Singh said. The Free Trade Zone and the end-to-end service provided by SpiceXpress will boost businesses saving valuable time for the airline's partner companies, he said. Many companies such as CFM Aircraft Engine Support South Asia, SAFRAN Electrical and Power India, United Technologies Corporation India, Turbo Aviation, GMR Aero Technic, among others, already have their facilities in the industrial park. "We welcome SpiceJet at GMR Aerospace &amp; Industrial Park. Its presence adds great value to the niche space of Free Trade Warehousing Zone," GHASL Chief Executive Officer Aman Kapoor said on the tie-up. The pharma, aerospace and defence, electronics, automotive and FMCG client base at Telangana will benefit from the availability of warehousing catering to the export and import of goods from Hyderabad Airport, Kapoor noted. GDK IAS ANSANS

SpiceJet inks pact with GMR Hyderabad Aviation SEZ

Yesterday, we told you how <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> has been slammed with a <a href="http://www.businessinsider.in/Another-woe-for-Mallya-Hyderabad-court-issues-non-bailable-warrant/articleshow/51392100.cms">non-bailable warrant</a> in connection with a lawsuit by GMR Hyderabad International Airport Ltd. 
 
Now, the local court has slammed the former liquor baron with four more non-bailable warrants (NBWs) after he failed to appear in a court for bounced cheques worth Rs 2 crore to GMR Hyderabad International Airport Ltd. 
 
Also read: <a href="http://www.businessinsider.in/Vijay-Mallyas-personal-Airbus-jet-to-be-auctioned-to-recover-governments-dues/articleshow/51406790.cms">Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues</a> 
 
The warrants were issued by 11th Special Magistrate at Erramanjil Courts complex yesterday, and have to be executed by March 29. 
 
GMR counsel G Ashok Reddy had earlier said that a total of 11 cases involving Rs eight crore payment to GMR are pending. 
 
Also read: <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms">Vijay Mallya’s journey from a businessman to a fraudster</a> 
 
<a href="http://blogs-images.forbes.com/kenrapoza/files/2014/06/vijay-not-happy.jpg">Image source</a>

Four more NBWs against Mallya in Hyderabad court

India’s liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, who has <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms">fled the country</a> after being a defaulter of several <a href="http://www.businessinsider.in/SBI-wants-Vijay-Mallya-arrested/articleshow/51240258.cms">state-run banks</a>, has been slammed with a non-bailable warrant (NBW) by the Hyderabad court. The warrant was issued after Mallya <a href="http://www.businessinsider.in/Vijay-Mallya-has-7-days-to-return-to-India-and-appear-before-the-ED/articleshow/51360074.cms">failed to appear in the court</a> in connection with alleged dishonour of a cheque of Rs 50 lakh to GMR Hyderabad International Airport Ltd. 
 
Mallya’s counsel has said that he will move the high court seeking quashing of the non-bailable warrant (NBW). 
 
"He (Mallya) and others were supposed to appear before the court on March 10. They did not appear ... Hence, court issued NBW order which has to be executed by April 13," said GMR counsel G Ashok Reddy. He added that there are a total of 11 cases involving Rs 8 crore payment to GMR and the NBWs were issued in connection with a Rs 50 lakh bounced cheque. 
 
Mallya’s advocate H Sudhakar Rao said, "NBWs have been issued in this case. There are other cases going on wherein we have got orders from high court dispensing with his (Mallya's) attendence." 
 
"I will be filing an application in the high court for quashing this order of issuing warrants," Rao told PTI. 
 
When contacted by ET, GMR refused to comment on the issue claiming the matter to be sub judice. 
 
<a href="http://img.newsheads.in/images4web/2016/03/08/31939273-Kingfisher-Vijay-Mallya-Debt_0.jpg">Image source</a>

Another woe for Mallya, Hyderabad court issues non-bailable warrant

New Delhi, Feb 21 () Competition Commission of India has given approval for GMR group's proposed 49 per cent stake sale in its airport business to France's Groupe ADP.The regulator's clearance is through the green channel, which allows for an automatic system for speedy approval of combinations, subject to certain conditions.On Thursday, GMR Infrastructure said the French group would acquire 49 per cent stake in its airport business for Rs 10,780 crore, a deal that will help the domestic entity reduce its debt burden.In a tweet on Friday, the watchdog said it has received "green channel combination filing from Aeroports de Paris SA for acquisition of 49 per cent stake in GMR Airports Ltd and 100 per cent stake in GMR Infra Services Ltd".Applications received under the green channel are deemed approved.Aeroports de Paris SA (ADP) would buy 100 per cent stake in GMR Infra Services Ltd and then 49 per cent shareholding in GMR Airports Ltd (GAL), as per a notice submitted to the regulator.GMR Infra Services is an operating and holding company. Its primary business is to hold shares in GAL, according to the notice.Under a share purchase agreement, Groupe ADP would have 49 per cent stake in GAL for an equity consideration of Rs 10,780 crore.Out of the total amount, Rs 9,780 crore would be towards secondary sale of shares by GMR group and Rs 1,000 crore would be equity infusion in GAL, GMR Infrastructure said in a statement on Thursday."As part of the terms of transaction, GMR will retain management control over the Airports Business with Groupe ADP having the customary rights and board representation at GAL &amp; its key subsidiaries," it had said.Earlier, GMR group was to enter into a deal with Tatas for the airport business.A GMR group spokesperson confirmed that the deal with Tatas has been called off.GMR Group operates Indira Gandhi International Airport in New Delhi, Hyderabad's Rajiv Gandhi International Airport and Mactan Cebu International Airport in partnership with Megawide in Philippines.Groupe ADP develops and manages airports, including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget.According to the notice that was submitted to the CCI regarding the deal with Groupe ADP, there are no horizontal overlaps, vertical links or complementary businesses between the acquirer and the targets in India.While the acquirer is Groupe ADP, the targets referred in the notice are GMR Infra Services Ltd and GAL."In the absence of any overlaps between the parties in India, the proposed combination does not raise any risk of adverse effect on competition in India, and is accordingly being submitted through the 'Green Channel' route...," the notice said. RAM BAL

GMR-Groupe ADP deal for airport business gets Competition Comm nod

Mumbai, Jan 9 () GMR Hyderabad Aerotropolis, a subsidiary of GMR Hyderabad International Airport, on Thursday said it has formed a joint venture with Warburg Pincus-backed logistics developer e-Shang Redwood (ESR) to develop a logistics and industrial park at an estimated cost of Rs 550 crore. 
 The joint venture with ESR Hyderabad, a subsidiary under the Hong Kong headquartered ESR Cayman, will develop a 66-acre logistics and industrial park at the Hyderabad airport city with the project having a capital outlay of Rs 550 crore.
 ESR and GMR Hyderabad Aerotropolis Ltd (GHAL) have entered into definitive agreement with an equity interest of 70 per cent and 30 per cent, respectively, in the special purpose vehicle 'GMR Logistics Park', GMR said in a statement.
 "The JV proposes to develop a flagship airport centric logistics and industrial park providing state-of-the-art facilities for warehousing, distribution centers and non-polluting industrial such as light assembly," it said.
 The park will provide new age facilities and amenities to occupiers and help attract investments and employment in the region, it said.
 "This collaboration would set new standards for the warehousing and industrial real estate sector. It would also benefit the burgeoning cargo industry in the region," GMR Group CEO Airport Land Development Aman Kapoor said.
 Commenting on the partnership, ESR India Country Head Abhijit Malkani said, "This tie-up reiterates our strategic mission to strengthen our facilities and key positions across the country. This new facility at Hyderabad Airport is our latest investment to support national and global trade to and from Telangana."
 Being strategically located, this state-of-the-art facility showcasing smart, sustainable and human-centric design will pave the way for Indian and global companies to capitalise on the immense growth opportunities available in the Indian market, he added. 
 Last June, ESR partnered city-based realty player Lodha Group to develop an industrial park in Thane district at a cost of USD 100 million. PSK
 RVK

GMR Hyderabad Aerotropolis forms JV with ESR to develop logistics park for Rs 550 cr

New Delhi, Jan 16 () GMR Infrastructure on Thursday said it will sell 49 per cent stake instead of 44.44 per cent in its airport business to Tata Group subsidiary TRIL Urban Transport, as the group continues with efforts to trim its debt.
 The diversified group has decided to increase the quantum of stake sale nearly 10 months after announcing the deal, which also received green signal from the Competition Commission of India (CCI)in October last year.
 In a filing to the stock exchanges, GMR Infrastructure said it has decided to "increase the transaction size by agreeing to divest 49 per cent in GMR Airports Limited (vs previously agreed 44.44 per cent) to TRIL Urban Transport Private Limited (part of TATA Group), an affiliate of GIC and SSG Capital Management... in one or more tranches".
 The deal would be subject to regulatory approvals.
 An amended and restated Shares Subscription and Purchase Agreement and Shareholders Agreement has been executed for the revised deal, according to the filing.
 GMR Group operates airports in New Delhi and Hyderabad. It also has stakes in Mactan-Cebu airport in the Philippines and Crete aerodrome in Greece.
 The transaction involves offloading stake in GMR Airports to TRIL Urban Transport Pvt Ltd, Valkyrie Investment and Solis Capital.
 Valkyrie is an affiliate of Singapore's sovereign wealth fund GIC, while Solis is an investment vehicle of the SSG Group.
 In October, the CCI cleared the proposed transaction subject to certain modifications.
 According to the announcement made in March last year, the deal valued GMR Airports at over Rs 17,700 crore.
 Post-deal, GMR Infrastructure and subsidiaries would hold around 54 per cent stake in the airport arm, the consortium of new investors would own close to 45 per cent and the remaining would be with an employees welfare trust, as per the announcement.
 Shares of GMR Infrastructure closed marginally lower at Rs 23.85 on the BSE. RAM RVK

Now GMR Infra to sell 49 pc stake in airport biz to Tata Group subsidiary

In a bid to cut debt and consolidate its position, GMR is running a fund-raising process in its airport operations. 
 
The GMR Group had net debt of Rs 40,500 crore at the end of September. 
 In this regard, Fairfax Financial Holdings and Singapore's <keyword id="127003" type="COMPANY" weightage="20" keywordseo="Changi-Airports-International">Changi Airports International</keyword> are in talks with the GMR Group to pick up a 30% stake and invest around Rs 3,200 crore. 
 
Also, KKR &amp; Co and Apollo Global Management are in the fray to make a deal, which will be around Rs 10,000 crore. 
 
GMR is looking to dilute around 49% equity in airports business. The group holds a 54% stake in Delhi International Airport Ltd (DIAL) and 63% in GMR Hyderabad International Airport (GHIAL) besides 40% in the $670 million Mactan-Cebu International Airport modernisation project in the Philippines. 
 
"We are aiming at reducing our debt and consolidating our position. As an infrastructure group, we keep exploring various options. But we are not engaged in any definitive conversations with any of the investors at this point in time," GMR Group CFO Madhu Terdal told ET. 
 
Terdal added that most of the GMR’s projects were generating cash and they expected to become debt-free in the next six years. 
 
Meanwhile, GVK is also looking for investors to partner it in the airports business and has mandated Goldman Sachs and Bank of America Merrill Lynch toward this end. 
 
(Image: Indiatimes)

GMR is planning to give out 30% stake in its airport business to go debt free in next 6 years

Hyderabad, Mar 25 () Moody's Investors Service has placed GMR Hyderabad International Airport Limited's (HIAL) Ba1 Corporate Family Rating (CFR) on review for possible downgrade even as it downgraded Delhi International Airport Limited's (DIAL) CFR and senior secured ratings to Ba3 from Ba2.At the same time, Moody's has downgraded DIAL's Baseline Credit Assessment (BCA) to ba3 from ba2. The ratings have also been placed on review for further downgrade and the outlook has been changed to rating under review from stable.The rating action reflects the worsening coronavirus outbreak and the increasingly stringent travel restrictions imposed both in India and globally, including ongoing measures introduced by the Government of India (Baa2 negative), Moody's said in a press release on Wednesday."The downgrade to Ba3 reflects our expectation of a sharp decline in passenger and aircraft traffic at Delhi Airport in the coming months and the uncertainty over the timing and extent of a recovery, which coincides with increased debt issuance as the airport enters the peak stage of its INR 98 billion expansion project," Spencer Ng, a Moody's Vice President and Senior Analyst, said.The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets, Moody's said. The combined credit effects of these developments are unprecedented. The airport sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment, it said.While the current environment is unpredictable, Moody's expects a recovery in airport traffic to commence in the second half of the year. Nevertheless, Moody's expects that the airport's traffic levels for the next two to three years will be lower as a result of the coronavirus , which will reduce DIAL's available cash flow for its Rs 9800 crore expansion project and increase its reliance on debt funding.The rating action reflects the expectation of a sharp decline in passenger and aircraft traffic at Hyderabad Airport in the coming months and the uncertainty over the timing and extent of a recovery, which coincides with increased debt issuance as the airport enters the peak stage of its Rs 5500 crore expansion project, Spencer Ng, said. GDK APR MKJ

You Searched For "GMR Hyderabad International Airport Ltd" and got 11 results

Hyderabad airport bags award for best airport by 'size and region' for 2020

IANS

Adani Enterprises Q4 net falls 37%; incubating businesses show strong momentum

PTI

Tata Group enters airports business with a $3.2 billion restructuring deal with GMR

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SpiceJet inks pact with GMR Hyderabad Aviation SEZ

PTI

Four more NBWs against Mallya in Hyderabad court

BI India Bureau

Another woe for Mallya, Hyderabad court issues non-bailable warrant

BI India Bureau

GMR-Groupe ADP deal for airport business gets Competition Comm nod

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GMR Hyderabad Aerotropolis forms JV with ESR to develop logistics park for Rs 550 cr

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Now GMR Infra to sell 49 pc stake in airport biz to Tata Group subsidiary

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GMR is planning to give out 30% stake in its airport business to go debt free in next 6 years

BI India Bureau

Covid-19: Moody's downgrades Delhi Airport ratings, places Hyderabad airport's CFR on review

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