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DIAL denies reports on Fraport AG exit
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indian news portal IBNS
indian news portal IBNS

DIAL denies reports on Fraport AG exit

India Blooms News Service

New Delhi, Nov 5 (IBNS): Delhi International Airport (P) Limited (DIAL) has rejected media reports that stated Germany's Fraport AG was planning to exit the joint venture.

“Delhi International Airport (P) Limited (DIAL) has noted recent items in the media which quote senior officials of Fraport AG stating the company will be divesting its equity in DIAL. It is a matter of record that Fraport has been a shareholder holding 10% equity in DIAL since inception and that the GMR Group has a Right of First Refusal on equity of Fraport," DIAL said in a statement.

"Under terms of OMDA, any request for transfer of equity by Fraport can be considered by MoCA/AAI after 7 years I.e. After May 2013. Hence at this stage GMR Group is not engaged in any discussion or negotiation with Fraport on this matter," it said.

Reports of Fraport AG's exit grew louder earlier after Fraport vice-president for global investments Kai Zobel told reporters: “We expect the process of selling our 10 per cent holdings in the Delhi airport to be done by next June."

Fraport AG planned to exit the joint venture on issues like poor regulatory environment and the manner in which the the government handled the infrastructure sector, media reports said.

Fraport AG is a leading international Group in the airport business sector and operates Frankfurt Airport which is one of the major air traffic hubs in the world.

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indian news portal IBNS
indian news portal IBNS
indian news portal IBNS
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