IRB Infra stock surges 2% after DGCA approves Aerodrome License to Sindhudurg Airport

As per IRB Infra's regulatory filing, the Airport will not only generate passenger traffic but also will be a boon for the economic development of the region.

Sep 20, 2021 02:09 IST India Infoline News Service

IRB Infrastructure Developers-led SPV, IRB Sindhudurg Airport has received Aerodrome License from the Director-General of Civil Aviation (DGCA). The License will now enable the Company to throw open the new aviation facility for Airlines and the general public.

Virendra D. Mhaiskar, Chairman & Managing Director of the Company said, “We are very happy to achieve yet another milestone in the 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 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.”

Sindhudurg Airport with the cost outlay of approximately Rs800cr and concession period of above 90 years is the first of its kind in the South Konkan Region, which is aimed at establishing and enhancing air connectivity of the region with Western Maharashtra; Southern States; Mumbai and subsequently to all regions of the Nation.

As per IRB Infra's regulatory filing, the Airport will not only generate passenger traffic but also will be a boon for the economic development of the region as it will facilitate and boost cargo transportation; generate direct as well as indirect employment and other business opportunities for the local people. It has the potential to become a Cargo Hub of the Western Region as there is ample space for handling the Cargo, and is expandable to meet the future growing needs.

At around 2.44 pm, IRB Infra was trading at Rs173.75 per piece up 1.6% on Sensex. 

Related Story

Open Free Demat Account (Rs699)