GMR gets relief as AI pays half its dues

Receives Rs 415 cr for ops at Hyderabad, Delhi airports

 

Bangalore-based developer GMR Infrastructure got some relief on Wednesday as Air India paid half its dues of Rs 800 crore for having used the services of the company at Hyderabad and New Delhi airports.

“We have received Rs 415 crore in dues from Air India, and this will help improve the cash flow and profitability position for both airports. The sum includes landing and parking charges. Of the amount, Rs 75 crore has been received on account of operations at the Hyderabad airport (GHIAL) and the rest Rs 340 crore for Delhi airport (DIAL). After this, Air India owes Rs 375 crore towards GMR Infra,” the company said.

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

For GMR, this comes as big relief after it was forced to give up the $500-million Male International Airport.

The airport vertical, with its boquet of three airports — at Delhi, Hyderabad and Istanbul — posted revenues of Rs 1,095 crore with a net profit of close to Rs 6 crore.

The vertical managed to post profits during the end of the second quarter after it got the regulators’ nod to levy the airport development fee.