GMR Infra to collect airport development fees in Maldives; stk soars/news09012012

Shares of GMR Infrastructure rose over 3%, touching the monthly high of Rs23.40, on reports that Maldives authorities have allowed the company to collect airport development and insurance charges from passengers at the Male International Airport.

GMR Infrastructure operates the Male International Airport. In December 2011, a Male civil court had stopped GMR from collecting airport development charge ( ADC), saying it was identical to existing airport service charges being collected from passengers. GMR, which is overseeing the renovation of the airport, had earlier tried to include ADC in the airline ticket price, but the International Air Transport Association ( IATA) had disallowed it.

According to the agreement, GMR Infrastructure is allowed to charge $25 per passenger from the annual departing passenger count of one million, and a $2 insurance charge at the check-in counters starting January 2012.

In June 2010, the GMR-led consortium won a bid from the Maldives government to build, operate, modernise and expand the Male airport for a period of 25 years, which was extendable by 10 years. GMR holds a 77% stake in the international airport through a joint venture between GMR and Malaysia Airports Holdings Berhad.
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