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Mumbai, <keyword id="6367820" type="COMPANY" weightage="20" keywordseo="adani-group">Adani Group</keyword>'s flagship holding <keyword id="10722889" type="UNKNOWN" weightage="20" keywordseo="company-adani-airport-holdings-ltd">company Adani Airport Holdings Ltd</keyword> (AAHL) has acquired 23.5 per cent stake in the <keyword id="6592232" type="COMPANY" weightage="20" keywordseo="mumbai-international-airport-ltd">Mumbai International Airport Ltd</keyword> (MIAL) from ACSA Global Ltd (ACSA) and Bid Services Division (Mauritius) Ltd (Bidvest) for ₹1,685.25 crore. In a <keyword id="525282" type="PERSON" weightage="20" keywordseo="regulatory-filing">regulatory filing</keyword>, <keyword id="118623" type="DOMAIN" weightage="20" keywordseo="Adani-Enterprises">Adani Enterprises</keyword> said that AAHL has acquired 28.20 crore equity shares of MIAL. AAHL is also a wholly owned subsidiary of Adani Enterprises. "Adani Airport Holdings Ltd has acquired 23.5 per cent equity stake i.e. 28,20,00,000 equity shares of ₹10 of Mumbai International Airport Ltd from ACSA Global Ltd and Bid Services Division (Mauritius) Ltd," the filing said. Incorporated on March 2, 2006, MIAL is engaged in the business of development, construction and operation of the Chhatrapati Shivaji Maharaj International Airport. In August last year, the AAHL entered into an agreement to acquire the debt of GVK Airport <keyword id="311614" type="DOMAIN" weightage="20" keywordseo="Developers-Ltd">Developers Ltd</keyword> (GVKADL) which in turn would help the Adani Group acquire controlling interest in MIAL. GVKADL is the holding company through which <keyword id="6608657" type="COMPANY" weightage="20" keywordseo="GVK-Group">GVK Group</keyword> holds 50.50 per cent equity stake in the Mumbai International Airport Ltd (MIAL), which in turn holds 74 per cent equity stake in the Navi Mumbai International Airport Ltd. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/heres-why-you-arent-being-able-to-apply-for-brookfield-reit-ipo-through-zerodha-groww-angel-broking-and-other-stockbroking-apps/articleshow/80686457.cms">Here's why you aren't being able to apply for Brookfield REIT IPO through Zerodha, Groww and other stockbroking apps</a> <a href="https://www.businessinsider.in/stock-market/news/analysts-explain-why-indigo-paints-shares-fell-with-a-thud-just-like-burger-king-and-mrs-bectors-and-what-to-do-with-it-now/articleshow/80704864.cms">Indigo Paints joins the league of Burger King and Bector's — frenzied IPOs that fizzled out</a> <a href="https://www.businessinsider.in/tech/news/the-india-stack-that-bill-gates-and-sundar-pichai-so-love-is-set-to-get-much-bigger-thanks-to-the-indian-governments-new-blockchain-strategy/articleshow/80718403.cms">The India stack that Bill Gates and Sundar Pichai so love is set to get much bigger – thanks to the Indian government’s new blockchain strategy</a>

Adani Group acquires 23.5% stake in Mumbai International Airport for ₹1,685 crore

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> announced measures that will benefit both airline operators like IndiGo and SpiceJet, as well as developers like GMR, GVK, and Adani Group.</li><li>India opened up more of its airspace for airlines to ply, decided to put up more airport development projects for bidding. </li><li>Another major investment was Sitharaman’s bid to make India an MRO hub – Maintenance, Repair and Overhaul.</li></ul>India opened up more of its airspace for airlines to ply, decided to put up more airport development projects for bidding, and ease taxation as well as restrictions on maintenance and repair to bring down costs for aviation firms. These reforms announced by Finance Minister Nirmala Sitharaman will benefit both airline operators like IndiGo and SpiceJet, as well as developers like GMR, GVK, and Adani Group. <div type="image" title="indigo." msid="75775924" hostid="261"></div> <div type="image" title="spicejet." msid="75775928" hostid="261"></div> The government estimates airlines will save about ₹1,000 crore a year by flying shorter routes. “60% of the Indian airspace is freely available, because it is fairly restricted for civil and defence purposes, so we have been taking longer routes. This has to be rationalised for optimum utilization of time and fuel. Customers can get to their destinations quicker and cheaper,” Sitharaman said. More airport projects up for grabs The second step taken was that six more airports will be put up for auction by the Airports Authority of India and will be built on public private spaces. “Additional investments will be made by private players in 12 airports where investments are already present. The financial implications will be on the AAI. The first and second round of investments to get ₹13,000 crore,” said Sitharaman. India currently has several airport projects under construction – the Jewar international airport in Greater Noida, the Mopa Airport in Goa, Navi Mumbai international airport in Maharashtra, Sabarimala airport in Kerala among others. In April 2020, GMR got the go-ahead for the Bhogapuram airport in Andhra Pradesh. In February 2019, the Adani Group won a tender to operate all six government-owned Indian airports located in Ahmedabad, Jaipur, Mangaluru, Trivandrum (Thiruvananthapuram), Lucknow, and Guwahati. Making India an airline maintenance hub Another major investment was Sitharaman’s bid to make India an MRO hub – Maintenance, Repair and Overhaul. “Most Indian aircrafts go abroad for their repair works and spend there. But India has all the capacity – manpower and soft skills to set up an MRO hub here. India can be the centre for many of the flights for South East Asia as well as westwards,” she said. This will be a major step that we want to make sure India benefits from, she added. Not just the civil sector but defence aircrafts will also benefit from it. Through this, maintenance will also be cheaper for the aviation sector. The issue the MRO industry used to face because of the aircraft used to fly to other countries for repair. "In India we have a promising civil aviation sector, so we want the MRO sector to be located in India and much of the repair work should be done here. The problem they used to face was competitiveness was in GST. GST rate used to be 18%, so the meeting held in March the rate has been brought down to 5% with full input tax credit and that is something that will make the MRO industry very competitive," said the government. The coronavirus pandemic has left the Indian airlines sector stranded on the runway. All domestic and international flights have been suspended ever since the lockdown. “It will take 2-3 years for air travel to return to 2019 levels and a few more years to return to long-term growth trends according to Boeing,” said a Centrum Broking report last week. The <keyword id="34987" type="ORGANIZATION" weightage="20" keywordseo="aviation-industry">aviation industry</keyword> is staring at losses to the tune of ₹25,000 crore, according to a CRISIL report. “These are preliminary estimates, and aggregate losses could increase if the lockdown is extended beyond the first quarter. As and when operations resume, overall operational capacity will hover at 50-60% for the rest of the fiscal. Consequently, mergers and acquisitions of airlines, and relook at expansion plans of private and upcoming greenfield airports would be possibilities," <a href="https://www.livemint.com/news/india/covid-19-impact-indian-aviation-may-incur-rs-25-000-crore-losses-says-crisil-11588838896045.html">said Jagannarayan Padmanabhan</a>, director and practice leader, transport &amp; logistics, Crisil Infrastructure Advisory. <a href="https://www.thehindu.com/opinion/op-ed/will-the-aviation-industry-recover-from-the-pandemic/article31359708.ece">Globally</a>, the industry’s revenues could be cut by $252 billion in 2020.

Indigo and Spicejet get shorter routes, cheaper fuel bills while Adani, GMR, and GVK get more airport projects to bid for

Hyderabad, Feb 14 (): GVK Power and InfrastructureLimiteds consolidated net loss during the quarter endedDecember 31 was reported at Rs 96 crore from Rs 101 crore inthe third quarter of the last fiscal, the company said in afiling with bourses.The total revenue of the company stood at Rs 1,156 croreduring the quarter as against Rs 1,109 core in Q3 FY '19.Airports segment of theGVKGroup garnered Rs 1,044crore revenue in the third quarter against Rs 930 crore in theOctober-December quarter. Auditors of GVK expressed serious concerns over thegroup's ability to continue as a 'going concern' owing to hugepile of debts. Further material uncertainties are being faced by variousprojects executed by the group, its associates and jointventures and for which it has provided guarantees/commitmentsand/or has undertaken to provide financial assistance. These conditions, along with other matters, indicate thata material uncertainty exists that may cast significant doubton the groups ability to continue as a going concern," GVKsauditors Price Waterhouse Chartered Accountants LLP said intheir comments.The group has incurred losses of about Rs 388 crore forthe nine months of the current fiscal and has defaulted inrepayment of loans and interest payments, they said. GDKNVG NVG

GVK's loss shrinks to Rs 96 crore in Q3

<ul><li>The Sensex was trading 1.32% higher, while the Nifty50 was up 1.21%. </li><li>The rally was led by banking and financial stocks.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian benchmark stock index, Sensex advanced over 500 points in early trade on Monday, driven by gains in index-heavyweights HDFC, Reliance Industries and ICICI Bank amid persistent foreign fund inflow and a positive trend in global peers. The Sensex was trading 1.32% higher, while the Nifty50 was up 1.21%. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Airtel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Oil </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infratel </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shree Chem </td></tr></tbody></table>*as of August 31, 10:15 am These are the top stocks that are buzzing in trade today: Future Retail shares gain nearly 18% Share of Future Retail gained nearly 18% during the morning trade hours on August 31. The surge came after RIL acquired the retail, wholesale, logistics and warehousing business of Future Group for ₹24,713 crore. This also bought a rally in other Future subsidiaries. All the other three subsidiaries — Future Enterprises gained, Future Lifestyle Fashions, Future Consumer — were trading flat after hitting a 5% upper-circuit set by stock-exchanges. RIL also gained 2%. GVK Power and Infrastructure gained nearly 10% GVK Power and Infrastructure shares gained nearly 10% after it informed stock-exchanges that it along with its subsidiaries, GVK Airport Developers Limited and GVK Airport Holdings Limited, have agreed to cooperate with Adani Airport Holdings for its airports business. Post this deal Adani group will acquire all debt from various GVK lenders including a Goldman Sachs led consortium and HDFC, the stock-filing said. Adani ports also gained 4% after this. Indiabulls Ventures was down 8% Indiabulls Ventures shares lost nearly 8% on early trading hours after the company told investors that it would raise nearly ₹588 crore via share sale to a clutch of investors. ONGC gained 5% ahead of the board meet State-owned ONGC gained nearly 5% as its board is slated to meet on September 1 to consider raising funds of up to ₹45,000 crore. According to the stock-exchange filing, the board will also consider and approve the company’s financial results for the quarter ended June 30. Indian Oil Corporation gained 4% Indian Oil Corporation shares gained 4% on August 31 after the company said it is investing ₹14,800 crore in expanding the capacity of its Barauni refinery in Bihar. This <a href="https://www.manufacturingtodayindia.com/products-suppliers/8219-ioc-to-undertake-barauni-refinery-expansion-worth-rs-14800-cr">is the part of over 2,800 projects being executed under the government’s </a>Atma Nirbhar Bharat campaign to boost domestic production and create jobs. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-future-enterprises-hcl-technologies-future-retail-itc-indiabulls-ventures-rbl-bank-inox-wind-and-more/articleshow/77843125.cms" data-type="tilCustomLink">Top stocks to watch in trade— RIL, Future Enterprises, HCL Technologies, Future Retail, ITC, Indiabulls Ventures, RBL Bank, Inox Wind and more</a> <a href="https://www.businessinsider.in/retail/news/heres-why-reliance-retail-with-almost-12000-stores-bought-future-retail-which-has-just-1500-outlets/articleshow/77843965.cms" data-type="tilCustomLink">Here’s why Reliance Retail with almost 12,000 stores bought Future Retail which has just 1500 outlets</a>

Top stock movers — GVK, Future Enterprises, Future Retail, RIL, IOC, Wipro, Adani Ports, ONGC and more

Three companies - low-cost carrier <keyword id="6354706" type="CITY" weightage="80" keywordseo="Indigo">IndiGo</keyword>, staffing firm <keyword id="133742" type="COMPANY" weightage="80" keywordseo="TeamLease">Teamlease</keyword> and e-retailer Infibeam - have lined up for public offers to generate around more than Rs 3,000 crore from investors, reported PTI. According to banking sources, the draft papers for all the three Initial Public Offers (IPOs) were being submitted to capital markets regulator Securities and Exchange Board of India (<keyword id="35210" type="ORGANIZATION" weightage="80" keywordseo="sebi">SEBI</keyword>) today. <keyword id="300127" type="COMPANY" weightage="80" keywordseo="Interglobe-Enterprises">InterGlobe Enterprises</keyword>, which runs the country's biggest airline by market share under 'IndiGo' brand, wants to raise Rs 2,000-2,500 crore through the <keyword id="6354763" type="EVENT" weightage="80" keywordseo="IPO">IPO</keyword>, sources said, adding Teamlease is looking to raise Rs 450-500 crore and Infibeam about Rs 400 crore. 

	IndiGo flew 27.69 lakh passengers in May, accounting for more than a third of the total traffic. Last month, all Indian carriers together ferried a total of 71.27 lakh passengers. 
 

	The privately-held IndiGo is one of the two domestic carriers making profit. The other profitable airline is GoAir. 
 Earlier this month, Sydney-based aviation think-tank '<keyword id="109712" type="ORGANIZATION" weightage="80" keywordseo="Centre-for-Asia-Pacific-Aviation">Centre for Asia Pacific Aviation</keyword>' (CAPA) said IndiGo is estimated to have recorded a profit of $150-175 million in fiscal 2015. 

	IndiGo was founded in 2006 by travel entrepreneur Rahul Bhatia and US Airways former chief executive Rakesh Gangwal. 
 After a prolonged lull, the IPO space has become very active and over 30 companies have lined to raise funds totaling over Rs 20,000 crore through public offers, which also include Cafe Coffee Day, Matrix Cellular and <keyword id="470455" type="ORGANIZATION" weightage="80" keywordseo="GVK-Airport">GVK Airport</keyword>. 

	At least 20 of these firms have already got the go-ahead from SEBI to launch their respective IPOs while draft IPO papers of five firms are currently "under process" but may be cleared soon. 
 Three companies -- Cafe Coffee Day, Matrix Cellular and <keyword id="2179992" type="UNKNOWN" weightage="80" keywordseo="RBL-Bank">RBL Bank</keyword> -- approached the regulator last week and they are now being followed by the likes of IndiGo, Infibeam and Teamlease. The flurry of activity in the IPO space follows stabilising trends in the <keyword id="35199" type="UNKNOWN" weightage="60" keywordseo="stock-markets">stock markets</keyword> and the companies are looking to raise funds to finance their business expansion and loan repayments and meet working capital requirements. 

	It also comes at a time when the regulator SEBI has announced a slew of fresh reforms in the IPO space, including for halving the listing period to six days and making the application process for investors entirely cheque-free. 
	 
	(Image: Indiatimes)

IndiGo, Infibeam, Teamlease want to generate over Rs 3,000 crore via IPOs

It has been in the works since couple of years now. Every time we went to Mumbai, we were welcomed in a tiny terminal where most flights were managed. Now the new International terminal is ready, which will accommodate planes of all shapes and sizes. T2-Where Dream Take Flight is the <keyword id="21654" type="COMPANY" weightage="100" keywordseo="video">video</keyword> released that takes you around the new swanky build. <keyword id="6357912" type="PERSON" weightage="40" keywordseo="amitabh-bachchan">Amitabh Bachchan</keyword> is the narrator in this video and he talks about the challenges that the maker <keyword id="6555177" type="ORGANIZATION" weightage="40" keywordseo="GVK">GVK</keyword> had before them. 
 Mumbai has less space to grow as it has sea on one side. The city grew vertically and a similar vertical method has been used for this world-class structure as well. The interiors are truly amazing and inspired from things such as <keyword id="3658" type="COUNTRY" weightage="100" keywordseo="India">India</keyword>’s national bird’s (Peacock) feather and rich Indian culture. The sitting lobby is unlike any other and one can’t stop ogling over the suave lamp shades the colour gold. 
 
GVK has outdone themselves and have made history by making an international terminal in a city where land is not just a premium to own, but criminal to get. 
Watch the full video here.

Have You Seen The Latest Marvel In India? The T2 Airport
In Mumbai [Video]

Mumbai, Apr 25 () AAI-GVK group-run Mumbai airport on Saturday announced a slew of safety measures for resumption of commercial air passenger services in the post-lockdown period.The airport has formulated SOPs for post-lockdown safety of the passengers like social distancing, stringent thermal screening, positioning temporary quarantine centres, sanitising and disinfecting the airport to ensure safety and well-being of the passengers, once operations resume, Mumbai International Airport Ltd (MIAL) said in a release.MIAL is the joint venture company, managing and operating the city airport.To enable safety precautions at the airport, Chhatrapati Shivaji Maharaj International Airport (CSMIA) plans to maintain social distancing through distinctive markings at both the terminals -- T1 and T2, maintaining 1.5 meters distance between each passenger as per the social distancing norms issued by the aviation regulator DGCA, MIAL said.The special markings will be spread across the entry gate, check-in counters, self-check-in kiosks, security checkpoints, food courts, lounge area and the boarding area amongst others. Furthermore, the seating arrangements at the food court as well as in the terminal building are reshuffled in a manner that promotes social distancing, it said.Additionally, the airport authorities have also created quarantine centres at both T1 and T2 in case of any passenger showing symptoms of the coronavirus during the screening, which will be conducted before entering the terminal building.The airport will be assigning their personnel to assist travellers at the self check-in kiosks to help with the boarding copy and other details along with stationing hand sanitisers at all the touchpoints, it added.In a bid to enhance passenger safety and lower the chances of spread of the virus, MIAL puts special emphasis on the need for passengers to wear masks and gloves during the entire course of their travel, the airport operator said, adding that it also encourages passengers to check-in online from their home or office, the use of card payment transaction and contactless payment at the airport restaurants and retail stores.The operator also said that in the initial phase of resuming operations, the airport will be functioning with 50 per cent staff strength as per the government directives.The airport maintenance staff have been provided with renewed and effective cleaning procedures to efficiently sanitise and disinfect the terminal building, including the vital areas where human hands come to play such as elevator buttons, escalators, immigration counters, to name a few.Regular stakeholder meetings are being held to ensure compliance across the board, and specialized training sessions are conducted for all airport personnel, it said. IAS BALBAL

Mumbai Airport announces safety measures for post-lockdown period

Mumbai, Apr 30 () The construction of the international airport at Navi Mumbai will be little delayed due to the situation arising out of the coronavirus pandemic, GVK Group Vice Chairman Sanjay Reddy said on Thursday. He is also the Managing Director of Navi Mumbai International Airport Ltd (NMIAL). The Rs 16,000-crore aerodrome is being built by a consortium led by GVK Power &amp; Infrastructure. A release issued by industry body CII quoted Reddy as saying that the construction and starting of Navi Mumbai airport, is expected to be a little delayed due to the current situation in the wake of the pandemic. The airport would be using the most advanced technologies and artificial intelligence, he said. Reddy was addressing a session on the future of travel amidst the COVID-19 situation, organised by the Young Indians (Yi) Mumbai Chapter of the CII, as per the release. Every single business and organisation is currently reinventing themselves. The pandemic would also foster the use of modern technology, which in turn would bring in more efficiency in the system, he said. "During the pre-vaccine period, airports are expected to adapt to various safety and hygiene practices. Also, it is expected that business travels will be reduced due to more utilisation of virtual platforms and travel cost cutting in various organisations," Reddy was quoted as saying in the release. The post-vaccine period is going to be totally different as people would be eager to travel, he added. The GVK group is already a majority stakeholder in the Mumbai International Airport Ltd (MIAL), which is running the Mumbai airport. The second airport in the Mumbai region was expected to be open in December 2019 and the deadline was pushed to 2021. The passenger terminal building is being developed to initially have a capacity to handle 10 MPA (Million Passengers per Annum) and would be enhanced to 20 MPA. The GVK group plans to spend Rs 8,500 crore in the first phase of the project. The Navi Mumbai airport project is a public-private partnership venture in which MIAL holds 74 per cent stake with Maharashtra's CIDCO. The concession agreement for the new airport was signed between the NMIAL and CIDCO in January 2018. IAS RAM

Navi Mumbai airport construction to be little delayed amid coronavirus pandemic

Mumbai, Mar 21 () International passenger traffic at the country's second busiest airport here has seen a sharp decline of up to 70 per cent in March, in the wake of coronavirus outbreak, an airport official said on Saturday. The AAI-GVK group-run Mumbai's Chhatrapati Shivaji Maharaj International Airport handles 950-980 arrivals and departures per day with around 200-250 of them international. The coronavirus pandamic has wreaked a havoc across the world, impacting airline industry severely along with other segments of the economy. It has forced the airlines world over to shut flights and passenger to cancel their trips. "The international passenger traffic ar Mumbai airport has dropped significantly in March due to the coroavirus infection concerns. The decline in traffic is any where between 55-70 per cent," the official told . It may be mentioned here that the government has already announced a complete ban on international commercial flights to and from India for a week, starting Sunday. The official, however, said that domestic passenger traffic, though, doing better, it is likely to have some impact too, going forward. IAS MKJ

Coronavirus: Int'l passenger traffic at Mumbai airport declines sharply by up to 70 pc in March

The GVK-run <keyword id="6592232" type="CITY" weightage="100" keywordseo="Mumbai-International-Airport-Ltd">Mumbai International Airport Ltd</keyword> (MIAL) would have to wait till November for an upward revision in airport charges as the tariff regulator has decided to continue with the existing rates for another three months. "Aeronautical tariff(s) approved by the Authority vide order dated January 15, 2013, shall continue up to November 30, 2015, or until the final determination of the tariffs for the second control period (2014-2019), whichever is earlier," <keyword id="630312" type="ORGANIZATION" weightage="100" keywordseo="Airports-Economic-Regulatory-Authority-of-India">Airports Economic Regulatory Authority of India</keyword> (AERA) said in its order. 

	Aeronautical revenue consists of charges such as aircraft landing and take-off fees, aircraft parking charges and passenger services fees. 
 

	"The revenue so collected by the airport operator (MIAL) during such period shall be adjusted from the Aggregate Revenue Requirement for the second control period, starting with effect from April 1, 2014," it said. 
 MIAL is a 74:26 joint venture between a GVK-led consortium and <keyword id="54875" type="ORGANIZATION" weightage="100" keywordseo="Airports-Authority-of-India">Airports Authority of India</keyword>. 

	The User Development Fee paid by passengers flying out of the Chhtrapati Shivaji International Airport (CSIA) currently stands at Rs 274 for domestic departures and Rs 574 for the international ones. 
 

	As against a demand for an increase of 881 per cent, CSIA had got approval for a 164 per cent hike in aeronautical charges last time for the first control period. 
 

	AERA had earlier extended the continuation of the existing tariff till rpt till August 31, suggesting that it has not been able to come up with its consultation paper on tariff revision for Mumbai airport. 
 

	AERA has to prepare a consultation paper and invite feedback from stakeholders, including MIAL, before finalising the revised tariff.

	 
	 
	(Image credits: Indiatimes)

You Searched For "GVK Airports" and got 10 results

Adani Group acquires 23.5% stake in Mumbai International Airport for ₹1,685 crore

IANS

Indigo and Spicejet get shorter routes, cheaper fuel bills while Adani, GMR, and GVK get more airport projects to bid for

Sanchita Dash

GVK's loss shrinks to Rs 96 crore in Q3

PTI

Top stock movers — GVK, Future Enterprises, Future Retail, RIL, IOC, Wipro, Adani Ports, ONGC and more

Navdeep Yadav

IndiGo, Infibeam, Teamlease want to generate over Rs 3,000 crore via IPOs

BI India Bureau

Have You Seen The Latest Marvel In India? The T2 Airport In Mumbai [Video]

Sulabh Puri

Mumbai Airport announces safety measures for post-lockdown period

PTI

Navi Mumbai airport construction to be little delayed amid coronavirus pandemic

PTI

Coronavirus: Int'l passenger traffic at Mumbai airport declines sharply by up to 70 pc in March

PTI

Mumbai Airport has to wait for revised airport charges: AERA

BI India Bureau

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