Latest news with #GMR
Time of India
5 days ago
- Business
- Time of India
GMR Still Stranded At Nagpur Airport, Taxiing Into Red Tape
1 2 Nagpur: The transfer of Nagpur airport to GMR Group is mired in a corporate and bureaucratic maze with the transition expected on May first week seems poised for a hard landing. First, the airport land needs to be officially transferred to Mihan India Limited (MIL), which is the current operator. Once MIL gains possession of the 300-acre land parcel on which the airport stands, it will hand it over to GMR Nagpur International Airport Limited for expansion of the facility. To acquire airport land, MIL must get approval from the Union cabinet. But, reliable sources said, the matter is yet to be considered by the Cabinet. "After a prolonged legal battle, in September 2024, GMR won the right to operate and upgrade the Nagpur airport. Now, what remains is a formal takeover for brownfield expansion of the facility," a top official said. The takeover of the airport by GMR Group appears convoluted now. The Nagpur airport is currently run by Mihan India Limited (MIL), a joint venture of the state govt's Maharashtra Airport Development Company (MADC) and Central govt's Airports Authority of India (AAI). MIL holds 1,000 acres of land. Of this, 700 acres in the periphery belong to MADC. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Guayaquil: Descubre cómo Amazon CFD puede ayudarte a invertir como un pro Empezar ahora Subscríbete Undo However, the 300 acres on which the airport stands belong to AAI. Since AAI is a government body, the transfer of land even to MIL, its joint venture partner, will need approval from the Union cabinet. This may not be simple, said sources. GMR will get the land through MIL, because the concession agreement is between the two entities and not AAI, explained a source. Sources said once MIL receives the land from AAI, it will transfer it to GMR on a 30-year lease. MIL also has the power to extend the lease. It need not necessarily be to GMR, as any other agency can be involved at that time, said a source involved in the entire procedure. Meanwhile, GMR is ready with a loan of Rs 2,600 crore approved in anticipation of the takeover. Even MADC has transferred its share of land in the periphery to MADC. What remains is the airport itself, sources said. MIL was formed in 2009 as a special purpose vehicle (SPV) to take forward the Mihan project. Apart from the SEZ, the plan was to develop the Nagpur airport as a cargo hub by roping in a third party, said sources. INFOGFX BOX Key Steps In Transfer Process * 300 acres of Airports Authority of India (AAI) needs to be transferred to Mihan India Limited (MIL) * MIL is a joint venture of state's Maharashtra Airport Development Company (MADC) and centre's AAI * Transfer requires approval from Union Cabinet, which is still pending * Once MIL receives land from AAI, it will transfer it to GMR Nagpur International Airport Limited * The transfer will be on a 30-year lease, with the option to extend Current Status Loan Approval: GMR has secured a loan of ₹2,600 crore to partly fund the brownfield expansion and operational takeover of the airport MADC's Share: MADC has already transferred its share of land in the periphery to MIL Expected Takeover: The formal takeover of the airport by GMR was expected in early May but has been delayed due to pending land transfer approvals Complexity: The process is convoluted due to the involvement of multiple stakeholders, including AAI, MIL, and GMR Future Development: GMR plans to develop the airport in a phased manner, with an ultimate capacity of 30 million passengers annually
Yahoo
26-05-2025
- Business
- Yahoo
GMR Airports Ltd (BOM:532754) Q4 2025 Earnings Call Highlights: Strong Income Growth Amid ...
Release Date: May 23, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. GMR Airports Ltd (BOM:532754) reported a 16% year-on-year increase in total income for Q4 fiscal 2025, driven by traffic growth and non-aero revenues. The company achieved a better margin of 51% in Q4 fiscal 2025, up from 48% in the previous year. Delhi Airport's total income rose 24% year-on-year, driven by traffic growth and commercial property development. Hyderabad Airport saw a 21% year-on-year increase in passenger traffic for Q4 fiscal 2025. GMR Airports Ltd (BOM:532754) has been recognized globally, with Delhi Airport ranked as the 9th busiest airport in the world and awarded the best airport in India and South Asia. GMR Airports Ltd (BOM:532754) reported a loss from continuing operations of INR 2.9 billion for Q4 fiscal 2025, compared to a loss of INR 2.1 billion in the previous year. Interest expenses increased by 27% and depreciation by 30% due to capitalization of expansion CapEx. Goa Airport experienced a 5% year-on-year decline in passenger traffic for the quarter. The company's consolidated net debt increased by INR 18 billion compared to the previous quarter. The effective tax rate for Hyderabad Airport was notably high at around 44-45% for the quarter. Warning! GuruFocus has detected 6 Warning Signs with BOM:532754. Q: Can you explain the impact of the new tariff order on annual revenues for Delhi Airport? A: The new tariff order has increased the yield per passenger from ?145 to ?360, which is an increase of ?215 per passenger. This will significantly impact revenue, but we do not provide forward guidance on revenues. (Respondent: Unidentified_6) Q: Is the current interest and depreciation cost expected to remain the same for FY26? A: The interest cost and depreciation are expected to remain more or less the same, with some reduction in interest cost due to refinancing efforts. (Respondent: Unidentified_6) Q: What has driven the increase in CPD rental income at Delhi Airport this quarter? A: The increase is due to the completion of certain assets and the commencement of lease financing, resulting in a bump of about ?188 to ?190 crore this quarter. Going forward, there will be an increase of about ?120 crore annually. (Respondent: Unidentified_6) Q: Will Delhi Airport be able to break even in FY26 with the new YPP? A: While we cannot provide specific guidance, the new YPP will significantly improve financials, and the results should be evident in the P&L. (Respondent: Unidentified_2) Q: What caused the sequential softness in EBITDA margins at Hyderabad Airport this quarter? A: The softness is mainly due to lower other income in Q4 compared to Q3 and some year-end expenses. The effective tax rate was high due to book entries, but Hyderabad Airport is not currently paying taxes. (Respondent: Unidentified_9) For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
26-05-2025
- Business
- Time of India
Jolt to Çelebi could turn a big gain for this Indian firm that once had deep Turkish ties
Jolt to Çelebi could turn a big gain for this Indian firm that once had deep Turkish ties Turkish Prime Minister Recep Tayyip Erdogan and GMR Group chairman G.M. Rao. GMR has had strong ties with Turkey; Collage by Sadhana Saxena Synopsis Of the three Çelebi businesses in India, the cargo unit minted the most amount of money. Now that the Indian government has cancelled the Turkish firm's security clearance to operate in India, its long-time partner GMR could only be happy with the development. By TARUN SHUKLA 8 Mins Read, May 26, 2025, 05:00 AM IST SHARE THIS NEWS Close Font Size Abc Small Small Abc Normal Normal Abc Large Close There's a photo from 2008 that few at GMR would forget: Turkish Prime Minister Recep Tayyip Erdogan and GMR Group chairman GM Rao standing on a dais in Istanbul, shaking hands as Rao nods along while Erdogan speaks. At the time, GMR — now the operator of Delhi, Hyderabad, and Goa airports at home, with global presence including in Greece, Indonesia, and the Philippines — had just struck a joint venture with a Turkish firm to develop Sabiha
Economic Times
26-05-2025
- Business
- Economic Times
Jolt to Çelebi could turn a big gain for this Indian firm that once had deep Turkish ties
There's a photo from 2008 that few at GMR would forget: Turkish Prime Minister Recep Tayyip Erdogan and GMR Group chairman GM Rao standing on a dais in Istanbul, shaking hands as Rao nods along while Erdogan speaks. At the time, GMR — now the operator of Delhi, Hyderabad, and Goa airports at home, with global presence including in Greece, Indonesia, and the Philippines — had just struck a joint venture with a Turkish firm to develop Sabiha
Economic Times
25-05-2025
- Business
- Economic Times
Jolt to Çelebi could be big gains for this Indian firm
Jolt to Çelebi could turn a big gain for this Indian firm that once had deep Turkish ties Of the three Çelebi businesses in India, the cargo unit minted the most amount of money. Now that the Indian government has cancelled the Turkish firm's security clearance to operate in India, its long-time partner GMR could only be happy with the development. What's slowing Indian IT's AI deals? The answer is hidden in just two words. Unlike traditional FONT SIZE SAVE PRINT COMMENT Refer & Earn
