Author Aditya Kalra
The New Delhi (Reuters) is an Indian Airport operated by Adani Group, owned by Adani Group, prompted by top carriers Indigo and Air India’s lobbying efforts after changing payment rules by quoting financial needs and airline default.
The airport is one of the busiest India at a time when dozens are included in one of the fastest growing aviation markets in the world. This is the largest of the seven ruled by a group led by the billionaire obtained by Adani.
The confidential Reuters’ letters show an intense change that seeks a compulsory cash deposit bank, such as tax security, such as landing and parking fees instead of long -term bank guarantee practice.
“None of these airlines usually pay on time … We want to reconcile our cash flows with airline cash flow,” said Arūnas Bansal, CEO of Adani Airport Holdings, with 74 percent at the airport.
“They took advantage of our pleasure,” he added, talking about resistance to the new payment system from Indigo and Air India since it changed eight months ago in October.
Airlines often postpone payments at the end of the end of the month, but the airport has to pay to the authorities earlier, creating the challenges of working capital that can be resolved using a security deposit when needed, Bansal said.
Indigo and Air India, together with 91% of the Indian market, did not respond to Reuters’ requests.
The source with direct knowledge of the issue argued that new politicians would need two airlines to make up for about $ 2 billion ($ 23 million) for deposits.
Air India, owned by Tata Group Conglomerate, could crush their finances after the $ 521 million last year USD, and costs $ 50 million a month.
Mumbai International Airport Ltd (MIAL), which served 53 million passengers last year, also faces financial challenges after announcing $ 71.11 million last year.
December 31 In a letter to the airline, the airport justified the amendment, indicating “deteriorating financial position” and “significant debt liabilities”.
“Deposits will help MIAL financial stability and credit rating,” he added.
Default Risk, Air India Push
This amendment also sought to protect the airport from risks such as the airline that has been bankrupt, as carriers Jet Airways, Go First and Kingfisher Airlines have done over the last few years, Bansal said.