GMR Infra, which operates the Delhi and Hyderabad airports, has received Rs 415 crore in airport dues from state-run Air India, the company said in a statement on Wednesday. GMR Infra had earlier given an ultimatum to Air India to pay airport charges if it wanted to continue operations.
"(We are) happy to receive tranche from Air India... (We were) fully confident of dues coming through... Air India (is) a prime business partner," GMR Infra said in a statement
Air India paid Rs 340 crore in overdue airport charges for Delhi International Airport Limited (DIAL) and another Rs 75 crore for GMR Hyderabad International Airport Limited (GHIAL), GMR Infra said.
Tide is turning in the airports business, GMR Infra said, after it received the long overdue payment.
Shares in GMR Infra traded 2.33 per cent higher at Rs 19.80 on the National Stock Exchange as of 11 a.m., outperforming the broader Nifty, which traded 0.4 per cent higher.