New Delhi : State-owned AAI incurred a financial loss of Rs 43 crore due to flawed agreements with the joint venture companies operating airports in the national capital and Mumbai, according to CAG.
Airports Authority of India (AAI), which is a partner in the joint ventures operating Delhi and Mumbai international airports gets a share of revenue from them.
The Comptroller and Auditor General (CAG) on Friday said AAI did not take the required action to protect its “financial interests in terms of the provision of the OMDA” signed with the two joint venture entities, reports PTI.
This has caused non-realisation of share of Rs 29.62 crore by AAI apart from loss of interest to the tune of Rs 13.86 crore till March 2015, the apex auditor said in a report tabled in the Parliament. In April 2006, it entered into separate Operation, Management and Development Agreements (OMDAs) with Delhi International Airport (Pvt) Ltd (DIAL) and Mumbai International Airport (Pvt) Ltd (MIAL). Under the agreements, DIAL and MIAL are running the respective airports and share a revenue of 45.99 per cent and 38.7 per cent, respectively, with the AAI. In DIAL, the majority stakeholder is GMR Group while in MIAL it is GVK Group. On account of the failure to protect its financial interests in terms of the OMDA provisions, CAG said there has seen “non-realisation of share of Rs 29.62 crore by AAI in the revenues of MIAL and DIAL”.
