No information of any case against us in Maldives: GMR

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No information of any case against us in Maldives: GMR

In an interview to CNBC-TV18, Sidharath Kapur, chief financial officer of Airport, GMR Group talks about the media report against the company, which appeared in the Maldivan press.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See latest News about GMR Infra See previous management interviews See what other Experts & Brokerages are saying about GMR Infra GMR Infra BSE | NSE 29/05/12 Are Mutual Funds betting on GMR Infra?

In an interview to CNBC-TV18, Sidharath Kapur, chief financial officer of Airport, GMR Group talks about reports of case filed against it in Maldivian court and the road ahead.

Below is the edited transcript of the interview. Also watch the accompanying video.

Q: What is the latest case of the political party and how you plan to deal with it?

A: We do not have any official intimation of any case being filed. It's only a media report, which has appeared in the Maldivian press, and based on that we have got some information that a case has been filed. Also, we do not have any information from the registrar's office in Maldives about a case.

The bid for Maldives airport privatisation was conducted by IFC Washington and this was done on a very transparent competitive basis.

GMR won the bid based on the highest NPV of revenue share. The Airport devalopment charge (ADC) of USD 25 per departing international passengers was one of the aeronautical charges was proposed in the bid document. It was in the draft concession document based on which all the bidders evaluated the bid. This was also incorporated in the final concession document signed by the Government of Maldives.

This is a contractual requirement. It is an airport development charge, which is available as an aeronautical charge to meet the revenue requirements. Therefore, we are confident that the Government of Maldives will stand by it. We hopeful, if there is any such case, it will be dismissed.

Q: What is the size of the Male airport in terms of revenues? What are the projected revenues from the Male airport, including ADC?

A: ADC of USD 25 per departing passenger is going to contribute to about USD 25 million per annum commencing from January 1, 2012. In 2012, we had projected total revenue of almost USD 320 million, which included various other revenues sources and USD 25 million was the ADC, which was factored in.

Q: Earlier this month GMR had threatened to put Kingfisher Airlines on 'cash and carry' mode in the Delhi and Hyderabad airports. What is happening there now?

A: Kingfisher has started making payments to us on almost a daily basis.