Sunday, January 27, 2013

AI faltered with DIAL, AAI bore the brunt


New Delhi: Air India (AI) and Airport Authority of India (AAI) may be different government entities but when it came to the pending AI’s dues to Delhi airport operator (DIAL), around Rs 250 crore was adjusted against the 46 per cent revenue share of AAI from the airport since 2011.
Confirming this, a senior AAI official said, “As Air India will be paying its pending dues to DIAL in a week or so, we are expecting DIAL to pay the amount at an interest rate of 9.5 per cent.”
However, DIAL denied that it was adjusting AI’s pending dues against AAI’s revenue share.
According to DIAL spokesperson, “DIAL has not withheld any revenue share of AAI and pays it regularly in line with concession terms. In line with accounting standards the Board of DIAL in October 2011 decided to recognize Air India revenue on receipt basis, given timing uncertainty.”
Air India owes DIAL a total of Rs 516 Crore [excluding interest as of Dec 31, 2012 which includes ADF and PSF (Security component)] amounting to Rs 160 crore on which there is no revenue share.
27/01/13 Disha Kanwar/Business Standard