AAI seeks waiver of annual dividend payment for 2021-22 fiscal

NEW DELHI: Airports Authority of India (AAI) has requested the government to waive the compulsory dividend payment requirement for the financial year ended March 2022, in lieu of the waiver of Air India’s dues done prior to the sale of the carrier.

State-owned AAI, which is in the red mainly after the impact of the coronavirus pandemic, is expected to post a loss of ₹800-900 crore in 2021-22 fiscal.

AAI Chairman Sanjeev Kumar said it has recovered “good ground” and is anticipated to lower the loss in the last financial year. The financial results for 2021-22 will be finalised in the coming months. According to him, AAI had settled Air India’s dues worth around Rs 2,000 cr when it was under the ownership of the government. Under the settlement, 50% of the total dues were waived.

An amount of Rs 1,000 cr was received by AAI as part of the settlement. Air India was acquired by Tatas in the last financial year. “AAI in lieu of waiving of dues of Air India has requested the government to waive the compulsory dividend that has to be paid every year. DIPAM (Department of Investment and Public Asset Management) has given us the in-principle approval for the proposal,” Kumar said.

Are you in Chennai? Then click here to get our newspaper at your doorstep!