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GMR Infra slips over 3% on CAG report

GMR Infra shares ended at Rs 20.55,down 3.07 per cent from its previous close on the BSE.

Written by Agencies | Mumbai |
August 17, 2012 7:02:10 pm

Shares of GMR Infra today fell by over 3 per cent after CAG said the Civil Aviation Ministry violated bid conditions,benefiting GMR-led DIAL by Rs 3,415 crore.

GMR Infra shares ended at Rs 20.55,down 3.07 per cent from its previous close on the BSE. Intra-day,the stock had tanked 4 per cent to Rs 20.35.

At the NSE,the scrip was down 3.54 per cent at Rs 20.45.

CAG today slammed the government for giving out Delhi airport and its land with a potential earning capacity of Rs 1,63,557 crore to private-led operator DIAL which made a total equity contribution of only Rs 2,450 crore.

With an equity contribution of Rs 2,450 crore of which the private GMR-led consortium’s share was Rs 1,813 crore,the Delhi International Airport Limited (DIAL) got a brownfield airport for 60 years,the report of the Comptroller and

Auditor General (CAG) said. A brownfield airport is one which is already in existence.

Currently,Development Fee is charged from both outgoing and incoming domestic and international passengers at the Delhi airport.

Allowing DIAL to levy DF “vitiated the sanctity of bidding process” and led to undue benefit of Rs 3,415.35 crore to the private firm GMR,the CAG said. GMR Infrastructure holds 54 per cent stake in DIAL.

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