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AAI seeks waiver of dividend for FY22

The 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 INR 800-900 crore in 2021-22 fiscal.

Sanjeev Kumar, Chairman, AAI, 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 INR 2,000 crore when it was under the ownership of the government.

Under the settlement, 50 per cent of the total dues were waived. An amount of INR 1,000 crore 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 in an interview. (Source: The Hindu Business Line)

 

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