Below is an edited transcript of the analysis on CNBC-TV18.
Q: What are your first reactions to this development?
A: This should have been looked at much before than announcing it at this point of time. The objective seems to be a reduction of the burden on airline passengers.
Q: Let' talk about the specific impact as far as the project promoters are concerned for the airports at Delhi and Mumbai. For the Delhi airport, the financing gap is at around Rs 4,200 crore as projected and it is almost Rs 1,200 crore for the Mumbai International Airport. Now only a part of this, less than even 5 percent, has come in through additional equity infusion. Will this distort the financials of these two projects?
A: A development fee is the last resort of financing when other avenues of additional financing have been completely explored and do not meet standards. In case this project brings in equity, then you will obviously expect the development fees to be less.
What has happened is that once the Airport Authority puts in money and subsequent other investors bring in capital, the development fee will be reduced while the UDF component will continue. That would depend after the regulator goes through the entire project and makes his award.
From the perspective of equity inflow, it will obviously bring the ADF down and if Airport Authority puts in that amount of equity then obviously, at least for Mumbai, which had a challenge in terms of the fact that its passenger numbers would not grow compared to the rest of the world because it is dealing with a structural challenge of constraint in airspace. So, this means that if equity is brought in, then the overall burden on the passengers would be significantly reduced. But one has to wait and watch as to how this fares.
Q: One of the important points that this press statement further makes is that the balance in the financing gap after the equity infusion by the airports authorities as far as Mumbai International Airport is concerned will have to be met by the airport operator-promoter through infusion of their share of equity. I am assuming it is also leaving it free to the airport operators to raise further funds, possibly even borrow. Is this going to significantly impact the financials as far as Mumbai is concerned because you rightly pointed out that some of the business case projections as far as Mumbai is concerned have not taken off from original estimates?
A: Once the equity comes in it would mean that the ability to raise debt would substantially improve in terms of raising further funds through debt. Then obviously the rest of the financing would have to be looked at various other views. But the burden eventually after this equity infusion would be significantly reduced and it will also open options to raise some debt once the equity infusion is done.
Q: With this news coming in there will be a sense of expectation that ADF will not be levied with effect to all those outbound passengers from January 1, 2013. But this is contingent to the airport authority doing the equity infusion. We don't have any timelines. Will this in some ways cause confusion as far as the retail level is concerned, as far as the booking of tickets is concerned? What would you really want to happen so that passenger travel doesn't get impacted?
A: No, I don't think the passenger-travel is going to be affected, because sufficient notice would be given to the passengers. I don't think there is any issue on the passenger side. As and when the decision is taken and from the date which it is taken, information would be given through the mediums that normally are used to reach the passenger.
Anda sedang membaca artikel tentang
Removal of fee, free-hand to raise funds is positive: CAPA
Dengan url
https://citraasa.blogspot.com/2012/10/removal-of-fee-free-hand-to-raise-funds.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Removal of fee, free-hand to raise funds is positive: CAPA
namun jangan lupa untuk meletakkan link
Removal of fee, free-hand to raise funds is positive: CAPA
sebagai sumbernya
0 komentar:
Posting Komentar