The Hindu Business Line : AAI gets approval for mini-ratna status

The Airports Authority of India would soon be able to take up projects worth Rs 500 crore and set up a joint venture without seeking prior Government approvals. The public sector airport operator would also be able to raise monies at more competitive rates.

All this would become possible with the Ministry of Civil Aviation giving its in-principle approval to grant mini-ratna status to AAI. Official sources said that AAI would need to appoint four independent directors and seek a waiver for the small quantum of funds it receives for maintaining airports in the North East from the Department of Public Enterprise (DPE) before the mini-ratna status can be granted.

“The appointment of independent directors is under consideration and should take another 15 days. The waiver from the DPE should also not be a problem.

The grant of mini-ratna status would help the AAI, as at present for any project over Rs 150 crore the proposal has to be cleared by the Public Investment Board of the Government,” a senior Government official said. Meanwhile, the AAI has paid a final dividend of Rs 172 crore to the Government for the year 2006-07.

During the year it earned revenues of Rs 3,726 crore and a profit after tax of Rs 860 crore.

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