Real-time Stock quotes, portfolio, LIVE TV and more.
Nov 10, 2010, 10.42 PM IST
GMR has resisted pressure from the Karnataka government to take over operations at the Bidar airport, reports CNBC-TV18’s Sunanda Jayaseelan.
GMR Infra announced a second quarter profit of Rs 71 crore and net sales of Rs 1,222 crore. The company has resisted pressure from the Karnataka government to take over operations at the Bidar airport, reports CNBC-TV18’s Sunanda Jayaseelan.
CNBC-TV18 had reported in August that the Karnataka government had given GMR the option of either giving an NOC to Bidar airport or taking over the operation of that airport which is learnt to be about 80 kilometers from the airport and that’s where the problem lies.
This could, however, go against the MoU which GMR has for Hyderabad. According to government rules, no new airport can come up within 150 kilometers of an existing one owned by a private operator. CNBC-TV18 learns from sources that the company has expressed its reservations to the Karnataka government over giving an NOC to the Bidar Airport. Sources stressed on the commercial unviability of that airport.
Sources also said that the company could face a similar situation in Noida where the central government for a while now has been pushing GMR to give its NOC to operate an airport out of Noida. CNBC-TV18 learns that if that happens then it could go against the MoU they have for the Delhi Airport.
This, reliable sources said, has picked up momentum in the past couple of months. Sources add that the same reasons again is going against GMR’s Delhi MoU. Also the fact that there is little commercial viability of an airport in Noida as it exists is going against decision to really give that go ahead for that airport.
Sources indicate that once the civil aviation policy is finally out, if rules under that are tweaked allowing for operationalising both airports, then the company could be left with little choice.
When contacted, officials at GMR declined to comment.
Action in GMR Infrastructure
May 25 2013, 16:36
- in Technicals
May 25 2013, 16:36
- in MARKET OUTLOOK