The Hindu Business Line : Tax advisor for airports upgrade project mooted

THE Government has proposed to appoint an accounting and tax advisor (ATA) to facilitate the restructuring and modernisation of the airports in Delhi and Mumbai.

Sources told Business Line that the ATA is likely to advise ABN Amro, the financial consultant for the project, on accounting procedures for the two joint venture companies which will be formed for running the two metro airports.

The mandate for the ATA is likely to include preparation of financial statements, helping in accounting policies and advising on matters relating to avoidance of double taxation. The move to appoint an ATA comes just days ahead of the expiry of the July 20 deadline for submission of an expression of interest (EoI) to take part in the airports modernisation programme.

Till date, only a handful of parties, including the GMR and the Bharti Group, have come forward to announce their intention of participating in the plans.

Sources, however, indicated that a number of high profile companies which have shown an interest in participating in the proposed restructuring plan of the Government were likely to announce their consortium partners closer to the July 20 cut-off date.