AI, Kingfisher to settle GMR airport dues
01 June 2011
New Delhi: Embattled carriers Air India and Kingfisher Airlines have arrived at a repayment plan with Bangalore-based GMR group, which will allow them to clear dues at the Delhi and Hyderabad international airports.
The arrangement will allow them to get around the threat of being put on a cash-and-carry mode of transaction by the GMR group, which operates both the international airports at Delhi and Hyderabad.
It is being given to understand that Kingfisher has now cleared its dues with Delhi International Airport (DIAL) and GMR Hyderabad International Airport (GHIAL) for the months of April and May, while Air India will present its payment plan next week.
Air India owes GMR Rs263 crore, while Kingfisher Airlines owes the group more than Rs90 crore.
According to ministry of civil aviation sources, while Air India has cleared Rs10-15 crore as an interim measure, it will present a repayment plan to GMR on balance dues over the coming week.
Ministry sources said the government was supposed to release Rs400 crore to Air India for Haj operations and Libya evacuation, which sum of money was expected sometime over the next week. Once these sums are cleared payments could then be facilitated to the airport operator.