Latest news with #MumbaiAirport
Al Arabiya
19 hours ago
- Business
- Al Arabiya
India's Mumbai airport spars with airlines over payment terms
The airport in India's financial capital of Mumbai, run by the Adani Group, has triggered a lobbying effort by top carriers IndiGo and Air India after it changed payment rules, citing financial needs and a risk of airline defaults, documents show. The airport is one of India's busiest at a time when dozens are being added in one of the world's fastest-growing aviation markets. It is the biggest of seven managed by a group led by billionaire Gautam Adani. Confidential letters seen by Reuters show the intense pushback to the change, which seeks a compulsory cash deposit in a bank as security against charges such as landing and parking fees, instead of a long-standing practice of bank guarantees. 'None of these airlines normally pay on time ... we want to align our cash flow with the airlines' cash flow,' said Arun Bansal, the chief executive of Adani Airport Holdings, which has a stake of 74 percent in the airport. 'They have taken advantage of our niceness,' he added, referring to resistance to the new payment system from IndiGo and Air India since the change eight months ago in October. Airlines often delay payments beyond a due date at month-end but the airport has to pay authorities earlier, creating working capital challenges that can be resolved by using the security deposit when needed, Bansal said. IndiGo and Air India, which together have a share of 91 percent of the market in India, did not respond to queries from Reuters. A source with direct knowledge of the matter said the new policy would require the two airlines to make deposits of about 2 billion rupees ($23 million), taken together. For Air India, owned by the Tata Group conglomerate, such payments could strain its finances after racking up losses of $521 million last year, in addition to monthly costs of $50 million after Pakistan closed its airspace to Indian airlines. The Mumbai International Airport Ltd (MIAL), which serviced 53 million passengers last year, also faces financial challenges, after posting losses of $71.11 million on revenues of $461 million last year, disclosures show. In a December 31 letter to an airlines body, the airport justified the change by pointing out its 'deteriorating financial position' and 'significant debt obligations'. 'The deposits will help MIAL's financial stability and credit rating,' it added. Default risk, Air India push The change also aimed to protect the airport from risks such as an airline going bankrupt, as carriers Jet Airways, Go First and Kingfisher Airlines have done in the last few years, Bansal said. The Mumbai airport has the right to cancel the slots of airlines that do not follow the new policy, but does not intend to do so in the interest of passengers, he added. The International Air Transport Association, representing both Air India and IndiGo, wrote to India's civil aviation ministry in December, calling the change a bid to use airline deposits to fund the airport's need for working capital. India's civil aviation ministry did not respond to Reuters' queries. The government has a stake of 26 percent in the Mumbai airport. In a letter on April 2, the Federation of Indian Airlines told the airport it disagreed with the contention that airline payments were not timely. Air India has lobbied the Indian government, saying the industry was already facing 'immense financial pressure' in an April 15 letter. 'It is highly likely that other airports across the country could adopt similar measures, leading to widespread financial strain,' Air India said in the letter, seen by Reuters.
Zawya
19 hours ago
- Business
- Zawya
Adani's Mumbai airport spars with IndiGo, Air India over payment terms
The airport in India's financial capital of Mumbai, run by the Adani Group, has triggered a lobbying effort by top carriers IndiGo and Air India after it changed payment rules, citing financial needs and a risk of airline defaults, documents show. The airport is one of India's busiest at a time when dozens are being added in one of the world's fastest-growing aviation markets. It is the biggest of seven managed by a group led by billionaire Gautam Adani. Confidential letters seen by Reuters show the intense pushback to the change, which seeks a compulsory cash deposit in a bank as security against charges such as landing and parking fees, instead of a long-standing practice of bank guarantees. "None of these airlines normally pay on time ... we want to align our cash flow with the airlines' cash flow," said Arun Bansal, the chief executive of Adani Airport Holdings, which has a stake of 74% in the airport. "They have taken advantage of our niceness," he added, referring to resistance to the new payment system from IndiGo and Air India since the change eight months ago in October. Airlines often delay payments beyond a due date at month-end but the airport has to pay authorities earlier, creating working capital challenges that can be resolved by using the security deposit when needed, Bansal said. IndiGo and Air India, which together have a share of 91% of the market in India, did not respond to queries from Reuters. A source with direct knowledge of the matter said the new policy would require the two airlines to make deposits of about 2 billion rupees ($23 million), taken together. For Air India, owned by the Tata Group conglomerate, such payments could strain its finances after racking up losses of $521 million last year, in addition to monthly costs of $50 million after Pakistan closed its airspace to Indian airlines. The Mumbai International Airport Ltd (MIAL), which serviced 53 million passengers last year, also faces financial challenges, after posting losses of $71.11 million on revenues of $461 million last year, disclosures show. In a December 31 letter to an airlines body, the airport justified the change by pointing out its "deteriorating financial position" and "significant debt obligations". "The deposits will help MIAL's financial stability and credit rating," it added. DEFAULT RISK, AIR INDIA PUSH The change also aimed to protect the airport from risks such as an airline going bankrupt, as carriers Jet Airways, Go First and Kingfisher Airlines have done in the last few years, Bansal said. The Mumbai airport has the right to cancel the slots of airlines that do not follow the new policy, but does not intend to do so in the interest of passengers, he added. The International Air Transport Association, representing both Air India and IndiGo, wrote to India's civil aviation ministry in December, calling the change a bid to use airline deposits to fund the airport's need for working capital. India's civil aviation ministry did not respond to Reuters' queries. The government has a stake of 26% in the Mumbai airport. In a letter on April 2, the Federation of Indian Airlines told the airport it disagreed with the contention that airline payments were not timely. Air India has lobbied the Indian government, saying the industry was already facing "immense financial pressure" in an April 15 letter. "It is highly likely that other airports across the country could adopt similar measures, leading to widespread financial strain," Air India said in the letter, seen by Reuters. (Reporting by Aditya Kalra; Additional reporting by Aditi Shah and Abhijith Ganapavaram; Editing by Clarence Fernandez)
Reuters
19 hours ago
- Business
- Reuters
Adani's Mumbai airport spars with IndiGo, Air India over payment terms
NEW DELHI, May 30 (Reuters) - The airport in India's financial capital of Mumbai, run by the Adani Group, has triggered a lobbying effort by top carriers IndiGo and Air India after it changed payment rules, citing financial needs and a risk of airline defaults, documents show. The airport is one of India's busiest at a time when dozens are being added in one of the world's fastest-growing aviation markets. It is the biggest of seven managed by a group led by billionaire Gautam Adani. Confidential letters seen by Reuters show the intense pushback to the change, which seeks a compulsory cash deposit in a bank as security against charges such as landing and parking fees, instead of a long-standing practice of bank guarantees. "None of these airlines normally pay on time ... we want to align our cash flow with the airlines' cash flow," said Arun Bansal, the chief executive of Adani Airport Holdings, which has a stake of 74% in the airport. "They have taken advantage of our niceness," he added, referring to resistance to the new payment system from IndiGo and Air India since the change eight months ago in October. Airlines often delay payments beyond a due date at month-end but the airport has to pay authorities earlier, creating working capital challenges that can be resolved by using the security deposit when needed, Bansal said. IndiGo ( opens new tab and Air India, which together have a share of 91% of the market in India, did not respond to queries from Reuters. A source with direct knowledge of the matter said the new policy would require the two airlines to make deposits of about 2 billion rupees ($23 million), taken together. For Air India, owned by the Tata Group conglomerate, such payments could strain its finances after racking up losses of $521 million last year, in addition to monthly costs of $50 million after Pakistan closed its airspace to Indian airlines. The Mumbai International Airport Ltd (MIAL), which serviced 53 million passengers last year, also faces financial challenges, after posting losses of $71.11 million on revenues of $461 million last year, disclosures show. In a December 31 letter to an airlines body, the airport justified the change by pointing out its "deteriorating financial position" and "significant debt obligations". "The deposits will help MIAL's financial stability and credit rating," it added. The change also aimed to protect the airport from risks such as an airline going bankrupt, as carriers Jet Airways, Go First and Kingfisher Airlines have done in the last few years, Bansal said. The Mumbai airport has the right to cancel the slots of airlines that do not follow the new policy, but does not intend to do so in the interest of passengers, he added. The International Air Transport Association, representing both Air India and IndiGo, wrote to India's civil aviation ministry in December, calling the change a bid to use airline deposits to fund the airport's need for working capital. India's civil aviation ministry did not respond to Reuters' queries. The government has a stake of 26% in the Mumbai airport. In a letter on April 2, the Federation of Indian Airlines told the airport it disagreed with the contention that airline payments were not timely. Air India has lobbied the Indian government, saying the industry was already facing "immense financial pressure" in an April 15 letter. "It is highly likely that other airports across the country could adopt similar measures, leading to widespread financial strain," Air India said in the letter, seen by Reuters.
Business Upturn
2 days ago
- Business
- Business Upturn
Can You Reach Phoenix Palladium by Metro? Everything You Need to Know
By EM Published on May 29, 2025, 11:34 IST Last updated May 29, 2025, 11:34 IST Looking for the easiest way to reach Phoenix Palladium Mall, Mumbai? With the launch of Metro Line 3, you can now skip the traffic and reach one of the best malls in Mumbai quickly and comfortably. Whether you're coming from Goregaon, Santacruz, Bandra Kurla Complex (BKC), or even Mumbai Airport, the metro now connects you directly to Phoenix Palladium, the luxury mall in Mumbai. Here's everything you need to know. Which Metro Station Is Closest to Phoenix Palladium? To reach Phoenix Palladium by metro: Station : Acharya Atre Chowk (Worli Naka) : Acharya Atre Chowk (Worli Naka) Metro Line : Metro Line 3 (Colaba–Bandra–SEEPZ Line) : Metro Line 3 (Colaba–Bandra–SEEPZ Line) Exit : From Gate No. 4 : From Gate No. 4 Shuttle Service : Free daily shuttle from the Acharya Atre Chowk (Worli Station) to Phoenix Palladium Mall. : Free daily shuttle from the Acharya Atre Chowk (Worli Station) to Phoenix Palladium Mall. Operational hours: The Shuttle service is available from 11 AM to 9 PM, seven days a week, on first-come, first-served basis. This direct connection ensures a smooth and stress-free commute to your favorite luxury shopping destination in Mumbai. Travel Time to Phoenix Palladium via Metro Getting to the mall has never been quicker. Here's how long it takes from major locations: Goregaon to Phoenix Palladium – 24 minutes – 24 minutes Santacruz to Phoenix Palladium – 18 minutes – 18 minutes BKC to Phoenix Palladium – 15 minutes – 15 minutes Mumbai Airport (T1/T2) to Phoenix Palladium – 21 minutes Whether you're flying in, heading out for a weekend shopping spree, or catching up with friends, the mall is now just minutes away by metro. What to Expect at Phoenix Palladium, Mumbai Known as one of the most iconic luxury destinations in India, Phoenix Palladium is home to top international and Indian designer labels like Shantanu Nikhil and Ak-Ok, premium restaurants, and entertainment options for every mood. Explore top Palladium Mumbai stores featuring luxury brands like Burberry, Gucci, Jimmy Choo, Michael Kors, TUMI, Coach, and many more high-end labels. Catch the latest blockbusters at PVR ICON and also visit Timezone for entertainment. Enjoy multiple cuisines at elegant restaurants and family-friendly dining spots. Attend seasonal events, pop-ups, and festive celebrations that redefine weekend entertainment. Whether you're out shopping for summer fashion or planning a dinner with friends and family, Phoenix Palladium has everything you need under one roof. How to Reach Phoenix Palladium Mall, Mumbai Acharya Atre Chowk (Worli Naka), Gate No. 4, is the closest metro station to Phoenix Palladium. Take advantage of the complimentary shuttle service running between the station and the mall. Operational hours: 11 AM to 9 PM, seven days a week. Extra Convenience, Thoughtfully Delivered Phoenix Palladium enhances your visit with a range of thoughtful facilities designed for your comfort and convenience: Valet Parking Baby Care Room Luggage & Porter Services Reservation Desk Child Safety Tags Pram Assistance Make Your Next Stop the Best One Yet For many Mumbaikars, reaching Phoenix Palladium Mall is now quicker than ever, with the nearest station to Phoenix Palladium Mall. So skip the traffic, step into the metro, and head straight to a day filled with style, food, movies, and more at Mumbai's top lifestyle destination. Disclaimer: The above press release comes to you under an arrangement with a PR agency. Business Upturn takes no editorial responsibility for the same. EM is content marketing and India's one of the largest PR agency.
Mint
3 days ago
- Climate
- Mint
Attention Flyers! SpiceJet issues advisory after heavy rains lash Mumbai — Check details
Indian airline company, SpiceJet, on Wednesday, 28 May 2025, announced that all operations of departure and arrival at Mumbai's Chhatrapati Shivaji Maharaj International Airport are likely to be affected due to bad weather in the region. In a post on X, the airline company recommended that all passengers travelling through the Mumbai Airport check their flight status on the company's website. '#WeatherUpdate: Due to bad weather in Mumbai (BOM), all departures/arrivals and their consequential flights may get affected. Passengers are requested to check their flight status,' said SpiceJet in its post on the platform X. Direct link to check your flight status - [Link Here] Heavy rains lashed the city of Mumbai and the nearby regions on Wednesday, 28 May 2025, as part of the pre-monsoon rainfall, making life and transit difficult for daily commuters. India's weather agency, IMD's Regional Meteorological Centre (RMC), has issued a yellow alert for the areas of Mumbai, Thane, Palghar and Raigad, and predicted a heavy shower on Wednesday, according to an earlier Mint report. 'Thunderstorm accompanied with lightning, light to moderate rainfall and gusty winds (40- 50 kmph) at likely at isolated places,' said the weather body. (This is a developing story. Please check back for updates.)
