IRB Infrastructure surged 2.49% to Rs 175.20 after the construction company's wholly owned subsidiary received Aerodrome license from the Director General of Civil Aviation.
IRB Sindhudurg Airport Private Limited, a special purpose vehicle of IRB Infrastructure received Aerodrome license for Sindhudurg Airport from the Director General of Civil Aviation on Saturday, 18 September 2021. The Aerodrome License will enable IRB Infra to open the new aviation facility for airlines and general public.The DGCA in the license issued to the company states, The license authorizes the Aerodrome to be used as regular place of landing and departure to all persons on equal terms and conditions by aircraft requiring specifications of runway and associated facilities including granted exemptions equal to or less than those indicated in the Aerodrome Manual.
Virendra D. Mhaiskar, chairman & MD of the company said, We are very happy to achieve yet another milestone in current year and see the airport receive license to operate after successful completion. With a concession period of over 90 years and compelling regional proposition, it offers meaningful avenues of growth. We express our sincere gratitude to all Authorities and Stakeholders for extending their valuable cooperation and support in bringing up this new facility. We now look forward to opening the facility for airline operators and general public soon.
The airport will enhance air connectivity of the region with Western Maharashtra, Southern states, Mumbai and subsequently to all regions of the nation. Sindhudurg is located in the Konkan region of Maharashtra.
The company said it has developed the airport project with capital outlay of Rs 800 crore. Apart from earning revenue from the operations of airport, IRB Infra said it has the right to utilise/ commercially exploit the additional land parcels forming part of the project. With receipt of the license from DGCA, the company would commence commercial operations in due course. The concession period is 95 years commencing from February 2013.
The Airport will not only generate the passenger traffic, but also it will be a boon for economic development of the region as it will facilitate and boost cargo transportation; generate direct as well as an indirect employment and other business opportunities for the local people, IRB said in a press release.
Earlier in 2009, Maharashtra Industrial Development Corporation (MIDC) had awarded to IRB, the project of development of Sindhudurg Airport in Maharashtra on Build-operate-transfer (BOT) basis.
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IRB Infrastructure Developers is India's largest integrated private toll roads and highways infrastructure developer in India, with an asset base of over Rs.55,000 Crs. in 10 States across the parent company and two InvITs.
On a consolidated basis, the company posted a net profit of Rs 71.9 crore in Q1 FY22 as compared to a loss of Rs 30.14 crore in Q1 FY21. Net sales soared 59% to Rs 1,625.72 crore in Q1 FY22 over Q1 FY21.
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