IRB Sindhudurg Airport Pvt. Ltd., receives Aerodrome License for its Sindhudurg Airport at Chipi

IRB Sindhudurg Airport Pvt. Ltd., a SPV of IRB Infrastructure Developers Ltd. has received Aerodrome License from the Director General of Civil Aviation (DGCA).

The Aerodrome License will now enable the Company to throw open the new aviation facility for Airlines and general public.

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."

While commenting on the occasion, Mr. Virendra D. Mhaiskar, Chairman & Managing Director of the Company said, "We are very happy to achieve yet another milestone in 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."

Sindhudurg Airport with the cost outlay of approx. Rs.800 Crores 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.

The Airport will not only generate the passenger traffic, but also it will be a boon for economic development of the region as it will facilitate and boost cargo transportation; generate direct as well as an indirect employment and other business opportunities for the local people. It has 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.

Shares of IRB Infrastructure Developers Limited was last trading in BSE at Rs. 170.95 as compared to the previous close of Rs. 180.55. The total number of shares traded during the day was 191887 in over 2951 trades.

The stock hit an intraday high of Rs. 184.45 and intraday low of 167.3. The net turnover during the day was Rs. 33954941.

Source : Equity Bulls

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