AIRPORTS

November 2010

AIRPORTS

November 2010

Contents
Advantage India Market overview Investments Policy and regulatory framework Opportunities Industry associations

ADVANTAGE INDIA Airports November 2010

Advantage India
Domestic passenger traffic is estimated to reach 150180 million by 2020, while international passenger traffic is expected to grow to around 50 million by 2015. Under the revised Eleventh Five Year Plan (20072012), the Government of India (GoI) estimated an investment of around US$ 7.5 billion (INR 361.3 billion) for the development of airport infrastructure.

Growing air traffic Growing investments for developing airport infrastructure Increasing scheduled air services

In 20092010, scheduled air services are available between 82 airports as against 50 in early 2000.

Advantage India
Strong focus on safety Enhancing competence
In 2009, only 1accident per 1.4 million flights was recorded, making airlines the safest way to travel.

Raw material such as cement, steel and iron are available in abundance. India is the second-largest producer of cement (20092010), the fifth-largest producer of steel (20092010) and the largest producer of direct reduced iron (20092010) in the world.

Easy availability of raw material

The Airports Authority of India (AAI) is upgrading and modernising 35 non-metro airports in the country at an estimated cost of around US$ 1 billion (INR 46.6 billion), as well as modernising the airports of Chennai and Kolkata.
Sources: Performance of Select Industries, Department of Industrial & Promotion website, http://dipp.gov.in/industry/content_industries/index.htm, accessed 25 January 2010; Ministry of Steel 200809 and 20092010 annual reports; Sector focus: Civil aviation, Indian Infrastructure, October 2010; Ministry of Civil Aviation 20092010 annual report.

AIRPORTS

November 2010

Contents
Advantage India Market overview Investments Policy and regulatory framework Opportunities Industry associations

MARKET OVERVIEW Airports November 2010

Airports overview (1/2)

Presently, India has 136 airports, of which 128 are owned by the AAI. AAI-managed airports can be categorised as:
Airports International airports, including joint venture (JV) airports Number 14

Domestic airports
Customs airports Civil enclaves

81
8 25

Additionally, the AAI provides CNS-ATM facilities at 11 other airports, which enables India to provide safe and efficient air traffic services
Source: Ministry of Civil Aviation 20092010 annual report.

MARKET OVERVIEW Airports November 2010

Airports overview (2/2)

In 20092010, international airports handled around 80 per cent of aircraft movement, 87 per cent of passenger traffic and 97 per cent of freight traffic. The responsibility of developing, financing, operating and maintaining all government airports in the country rests with the AAI, which was established in 1994 under the Airports Authority Act. The Aircraft Act, 1934 governs the remaining airports.
Sources: Ministry of Civil Aviation 200708 and 20092010 annual reports; Traffic News, Airports Authority of India website, www.aai.aero/traffic_news/mar2k8_trafficnews.jsp, accessed 28 January 2010; Statistics, Directorate General of Civil aviation website, http://dgca.nic.in, accessed 17 November 2010.

MARKET OVERVIEW Airports November 2010

Traffic handled passenger traffic (1/2)

Passenger traffic handled by Indian airports increased at a compound annual growth rate (CAGR) of 15.8 per cent between 200405 and 20092010.
Million

Total passenger traffic handled

140 120 100 80 60 40 59.3 73.3 21.8 23.6 96.4 21.3 31.5 116.9 123.73 40.0 Y-o-y growth (per cent) 30.0 108.9 13.6 20.0 10.0

The introduction of low-cost airlines, coupled with rising disposable incomes in the country, has resulted in substantial growth in domestic passenger traffic, which increased at a CAGR of 17.5 per cent between 200405 and 2009 2010.

-6.8

20
0 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 Total passenger traffic Y-o-y growth (%)

0.0 -10.0

Sources: Traffic News, Airports Authority of India website, www.aai.aero/traffic_news/oct2k9_trafficnews.jsp, accessed 17 November 2010; Ernst & Young analysis.

MARKET OVERVIEW Airports November 2010

Traffic handled passenger traffic (2/2)

International passenger traffic increased at a CAGR of 12.1 per cent between 200405 and 20092010, backed by the growth of the tourism industry and the GoIs open sky policy.
Million

International and domestic passenger traffic

100.0 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 87.1 70.6 39.9 19.4 51.0 22.3 34.4 89.4 77.3

During April 2010 September 2010 , total passenger traffic increased from 58.2 million in April 2009 September 2009 to 67.7 million, at 16.2 per cent. International passenger traffic reflects growth at 12.2 per cent, and domestic passenger traffic grew at 17.8 per cent during April 2010 September 2010 compared with the same period in 20092010.

25.8

29.8

31.6

200405 200506 200607 200708 200809 200910 International Domestic

Sources: Traffic News, Airports Authority of India website, www.aai.aero/traffic_news/oct2k9_trafficnews.jsp, accessed 17 November 2010; Ernst & Young analysis.

MARKET OVERVIEW Airports November 2010

Traffic handled freight traffic (1/2)

000 tonnes

India has witnessed substantial growth in its international and domestic trade over the past few years, which has resulted in a significant increase in the freight traffic handled by airports in the country.
The freight traffic handled by Indian airports increased at a CAGR of 8.9 per cent between 200405 and 20092010.

Total freight traffic handled

2,500 2,000 1,500 1,000 500 0 200405 200506 200607 200708 200809 200910 Total freight traffic Y-o-y growth (%) 1,280.3 1,397.3 20.3 9.1 10.6 11.0 1,957.1 1,550.9 1,715.0 1,702.0 -0.8 15.3 40.0

Y-o-y growth (per cent)

32.0 24.0 16.0 8.0 0.0 -8.0

Sources: Traffic News, Airports Authority of India website, www.aai.aero/traffic_news/oct2k9_trafficnews.jsp, accessed 17 November 2010; Ernst & Young analysis.

MARKET OVERVIEW Airports November 2010

Traffic handled freight traffic (2/2)

000 tonnes

Between 200405 and 20092010, international cargo traffic increased at a higher CAGR of 9.1 per cent, as compared to a CAGR of 8.5 per cent in the case of domestic freight traffic. The share of international freight in the countrys total freight traffic stood at 68 per cent in 2008 09 and 65 per cent in 20092010. During April 2010 September 2010 , international freight traffic and domestic freight traffic have increased by 24.4 per cent and 31.6 per cent, respectively, compared with the same period in 20092010.

International and domestic freight traffic

1,400 1,200 1,000 800 600 400 200 0 200405 200506 200607 200708 200809 2009-10 International Domestic Sources: Traffic News, Airports Authority of India website, www.aai.aero/traffic_news/oct2k9_trafficnews.jsp, accessed 17 November 2010; Ernst & Young analysis. 457 484 530 568 552 824 920 1,271

1,147
1,023

1,149

686

10

MARKET OVERVIEW Airports November 2010

Traffic handled aircraft movement (1/2)

The introduction of low-cost carriers and a liberalised aviation policy have boosted aircraft movement at Indian airports. Aircraft movement at Indian airports has increased at a CAGR of 15.4 per cent between 200405 and 20092010.
000

Total aircraft movement

1500 28.6 1,077.6 1000 838.2 1,307.6 1,306.5 1,330.6 30 25 20 21.3 16.8 500 12.7 1.8 -0.1
200405 200506 200607 200708 200809 2009-10

Y-o-y growth (per cent)

717.6

15 10 5 0 -5

0 Total aircraft movement

Y-o-Y growth (%)

Sources: Traffic News, Airports Authority of India website, www.aai.aero/traffic_news/oct2k9_trafficnews.jsp, accessed 17 November 2010; Ernst & Young analysis.

11

MARKET OVERVIEW Airports November 2010

Traffic handled aircraft movement (2/2)

International and domestic aircraft movement has almost doubled between 200405 and 20092010.

International and domestic aircraft movement

1,200 1,000 800 000 600 400 200 0 200405 200506 200607 200708 200809 2009-10 International Domestic Sources: Traffic News, Airports Authority of India website, www.aai.aero/traffic_news/oct2k9_trafficnews.jsp, accessed 17 November 2010; Ernst & Young analysis. 163.3 190.9 554.3 248.5 270.4 282.2 647.3 862.0 1,059.1 1,036.2 1,048.4

215.6

12

MARKET OVERVIEW Airports November 2010

Growth drivers (1/4)

Growth in international trade and the introduction of low-cost airlines have substantially increased the quantum of traffic handled at airports.
US$ billion

Growth in exports and imports (US$ billion)

350.0 300.0 250.0 210.9 175.1 137.6 95.1 119.1 136.6 175.2 176.2 286.3 284.1

Growing international trade

200.0
150.0 100.0 50.0

Indias airports handle about 30 per cent of the countrys total trade in terms of value. Exports (including re-exports) grew at a CAGR of 14.76 per cent between 200506 and 2009 2010, while imports grew at a CAGR of 17.91 per cent, driving the growth in traffic handled at the airports.

0.0 200506 200607 Exports 200708 Imports 200809 200910

Source: Export Import Data Bank, Ministry of Commerce website, http://commerce.nic.in/eidb/ergn.asp, accessed 16 November 2010.

13

MARKET OVERVIEW Airports November 2010

Growth drivers (2/4)

Introduction of low-cost airlines and rising disposable income

Rising disposable income, especially among Indias middle class, together with the introduction of lowcost carriers, has positively influenced the countrys aviation industry and necessitated further development of airport infrastructure. The number of scheduled passenger airline operators has increased to 15, and the number of aircraft in their fleet size has increased from 184 in 200405 to 400 in 20092010, of which a large number of aircraft belongs to private players.
Sources: Statistics, Directorate General of Civil Aviation website, http://dgca.nic.in, accessed 28 January 2010; Policies, Ministry of Civil Aviation website, http://civilaviation.nic.in, accessed 28 January 2010; Data & Statistics, Ministry of Finance website, http://indiabudget.nic.in, accessed 25 January 2010; Ministry of Civil aviation 20092010 annual report.

14

MARKET OVERVIEW Airports November 2010

Growth drivers (3/4)

A growing tourism industry and favourable government policies are promoting the development of airport infrastructure in the country.
000

FTAs (000)
6,000 5,000 4,000 3,000 2,000 1,000 0 2004 2005 2006 2007 2008 2009 3,457.5 3,918.6 4,447.2 5,081.5 5,282.6 5,110.0

Growing tourism industry:

The GoI has been actively promoting the countrys tourism industry, which was expected to increase at a CAGR of 11.8 per cent between 2005 and 2010.
Domestic tourist traffic grew at a CAGR of around 12.1 per cent to 650 million tourists in 2009, compared with 366 million tourists in 2004. The share of foreign tourist arrivals (FTAs) by air increased from 85.6 per cent in 2004 to around 89.1 per cent in 2008. The Delhi and Mumbai airports cumulatively accounted for more than 50 per cent of these arrivals.

Sources: Travel and tourism economic impact: India, 2010, World Travel and Tourism Council website, www.wttc.org, accessed 17 November 2010; Statistics, Ministry of Tourism (Government of India) website, http://tourism.gov.in, accessed 17 November 2010.

15

MARKET OVERVIEW Airports November 2010

Growth drivers (4/4)

Open sky policy

FTAs by mode of transport, 2008 (per cent)

0.7

The GoI is gradually liberalising air services and is seeking increased traffic rights under bilateral agreements with foreign countries such as the UAE, Mexico, Thailand and Germany. This has resulted in an increase in the number of international flights in operation, which has necessitated the development of additional airport infrastructure in the country.
89.1

10.2

Land Sea Air

Sources: Statistics, Ministry of Tourism website, www.tourism.gov.in, accessed 28 January 2010; Publications, Secretariat for Infrastructure, Planning Commission website, www.infrastructure.gov.in/publications.htm, accessed 18 January 2010; Ernst & Young analysis.

16

MARKET OVERVIEW Airports November 2010

Key trends (1/2)

Backed by government support, private-sector participation is gradually increasing in the sector. Moreover, there is an increasing trend towards the use of non-scheduled airline services, which requires upgrading airport facilities to handle the growing traffic.

Increasing privatesector participation

The GoI has recognised the need to involve private players in developing world-class airport infrastructure, based on the high growth of traffic handled at airports since 2005. With changing government policies, the involvement of private players is gradually increasing in the sector.

Increasing the use of non-scheduled airlines

With business activity growing, the demand for non-scheduled airline services is increasing. In 200809, the country was home to 99 non-scheduled airline operators with a combined fleet of 241 aircraft, compared with 65 operators with a combined fleet of 201 aircraft in 200708.

Source: Economic Survey, Ministry of Finance website, http://indiabudget.nic.in, accessed 27 January 2010.

17

MARKET OVERVIEW Airports November 2010

Key trends (2/2)

Airports are working towards enhancing their aeronautical and non-aeronautical revenue streams.

User-development fees

Airport developers and operators in the country are charging user-development fees (with permission from the GoI to increase their aeronautical revenues). For instance, the airports at Delhi and Mumbai are charging an airport-development fee (ADF) to fund their expansion plans, while the Hyderabad and Bengaluru airports are charging a user-development fee (UDF) to fund the maintenance and management of facilities at these airports.

Increasing focus on non-aeronautical revenue streams

Indian airports have been trying to follow the SEZ-aerotropolis model, which focuses on enhancing non-aeronautical revenues, including revenues from areas such as retail, advertising and vehicle parking. This provides the airport operator with a cushion to offset costs and funds for future growth and modernisation. The introduction of low-cost airlines, which, in general, do not offer complementary refreshment and sell a very limited variety of snacks and drinks, has given impetus to the food and beverages retail segment at airports.

18

MARKET OVERVIEW Airports November 2010

Key players
Until recently, the AAI was the only major player involved in developing and upgrading airports in the country. However, private-sector players are now becoming increasingly involved in the sector. Some major private sector players include:
Company/Group GMR Infrastructure Ltd GVK Power and Infrastructure Ltd Siemens Larsen & Toubro (L&T) Unique Zurich Maytas Infrastructure Limited Major projects Development of Hyderabad International Airport; modernisation of Delhi International Airport Modernisation of Mumbai International Airport Development of Bengaluru International Airport Development of Bengaluru International Airport Development of Bengaluru International Airport Development of Simoga Airport (Karnataka) and Gulbarga Airport (Karnataka) in the build, operate and transfer (BOT) mode

Sources: Project search, PPP India Database website, www.pppindiadatabase.com, accessed 17 November 2010; Greenfield Airport, Ministry of Civil Aviation website, http://civilaviation.nic.in, accessed 29 January 2010. Note: This is an indicative list.

19

AIRPORTS

November 2010

Contents
Advantage India Market overview Investments Policy and regulatory framework Opportunities Industry associations

20

INVESTMENTS Airports November 2010

Investments (1/3)
Private-sector investment

Five international airport projects have been undertaken through the public-private partnership (PPP) mode the development of Cochin, Hyderabad and Bengaluru international airports and the modernisation of Delhi and Mumbai international airports. The table below provides details of some of these ongoing projects:
Project Hyderabad International Airport Bengaluru International Airport Modernisation of Mumbai International Airport Modernisation of Delhi International Airport Development of Terminal 3 (T3) at Delhi International Airport PPP type BOOT* BOOT* Cost US$ 608.3 million (INR 29.2 billion) (Phase-I) US$ 514.6 million (INR 24.7 billion) (Phase-I) US$ 2 billion (INR 98 billion ) (Phase-I) US$ 1.9 billion (INR 89.8 billion) (Phase-I) US$ 3 billion (INR 144 billion) Status Phase-I completed in March 2008 Phase-I completed in March 2008 Developer GMR Infrastructure Ltd Consortium led by Siemens, L&T and Zurich GVK Ltd GMR Infrastructure Ltd GMR Group

LDOT**

Phase-I completed in 2010

LDOT**

Phase-I completed in March 2010

LDOT**

Completed in July 2010

*BOOT: Build-own-operate-transfer, **LDOT: Lease-develop-operate-transfer

Source: Project search, PPP India Database website, www.pppindiadatabase.com/Screens/frmSearch.aspx?AUTHORISEDUSER=N&ACTIONTAG=VIEW, accessed 19 November 2010.

21

INVESTMENTS Airports November 2010

Investments (2/3)
Private players are also undertaking various greenfield projects.
Greenfield airport Bijapur Airport Simoga Airport Hassan Airport Gulbarga Airport State Karnataka Karnataka Karnataka Karnataka PPP type BOT BOT BOOT BOT Developer Marg Ltd Consortium of Maytas Infrastructure Limited and VIE India Project Development and Holding Jupiter Aviation & Logistics Ltd Consortium of Maytas Infrastructure Limited and VIE India Project Development and Holding

Government investment

According to revised Planning Commission estimates, around US$ 7.52 billion is expected to be invested in the airports sector during the Eleventh Five Year Plan, compared to US$ 1.4 billion invested in the Tenth Five Year Plan (200207). The AAI is undertaking projects that involve modernising and expanding the Chennai and Kolkata airports at estimated costs of US$ 376.7 million (INR 18.1 billion) and US$ 404.6 million (INR 19.4 billion), respectively. Work at Kolkata Airport is expected to be completed by August 2011 and at Chennai Airport by April 2011.
Sources: Greenfield Airport, Ministry of Civil Aviation website, http://civilaviation.nic.in, accessed 19 November 2010; Economic Survey 20092010, Ministry of Finance website, http://indiabudget.nic.in, accessed 10 March 2010.

22

INVESTMENTS Airports November 2010

Investments (3/3)

The AAI is also upgrading and modernising 35 non-metro airports in the country, including those at Agra, Ahmedabad, Amritsar, Bhopal, Jaipur, Pune and Goa, at an estimated cost of around US$ 1 billion (INR 46.6 billion). Of these 35 airports, 9 have been already developed, while the remaining are likely to be completed by 201011. The AAI is also developing airports in Northeast India, including Pakyong Airport (Sikkim) and in Itanagar (Arunachal Pradesh) and Cheitu (Nagaland). The development of Pakyong Airport in Sikkim is underway and is expected to be completed by January 2012 at an estimated cost of US$ 64.5 million (INR 3.1 billion). Cheitu Airport in Nagaland and Itanagar Airport in Arunachal Pradesh are at the approval stage. The GoI is also planning the city-side development of 24 non-metro airports in collaboration with private players. The AAI is currently inviting bids for the city-side development of the Lucknow, Jaipur, Amritsar, Udaipur, Kolkata,Visakhapatnam, Indore, Ahmedabad and Guwahati airports. Furthermore, it has signed a JV for the operation and maintenance of the upcoming airport in Mohali, Punjab.
Sources: Ministry of Civil Aviation 200809 annual report; Economic Survey 2009-2010, Ministry of Finance website, http://indiabudget.nic.in, accessed 10 March 2010.

23

AIRPORTS

November 2010

Contents
Advantage India Market overview Investments Policy and regulatory framework Opportunities Industry associations

24

POLICY AND REGULATORY FRAMEWORK Airports November 2010

Policy and regulatory framework (1/3)

The GoI is encouraging private investment in the sector and has taken the following policy measures:

The GoI has approved the policy for greenfield airports in April 2008 to enable the development of greenfield airports in the PPP mode. The Planning Commission has also developed a model concession agreement (MCA) to enable state governments to develop greenfield airports under the PPP mode. The GoI has allowed 100 per cent FDI under the automatic route for greenfield airports. For existing airports, 100 per cent FDI is allowed. However, for FDI exceeding 74 per cent, approval is required from the Foreign Investment Promotion Board (FIPB).

25

POLICY AND REGULATORY FRAMEWORK Airports November 2010

Policy and regulatory framework (2/3)

The GoI has allowed 100 per cent tax exemption on airport projects for a 10-year period. Further, the GoI allows airport developers to charge passengers a development fee. In 2009, a separate regulator authority, the Airport Economic Regulatory Authority (AERA) has been established to provide a level playing field and healthy competition between all airports.

26

POLICY AND REGULATORY FRAMEWORK Airports November 2010

Policy and regulatory framework (3/3)

Growth in the aviation sector is driving the need to develop and modernise infrastructure at Indian airports. Airport operators, including the AAI and private developers, receive ADFs from airlines, which contribute to their revenue stream. The GoI has implemented the following policies to support growth in the aviation sector:

FDI of up to 49 per cent is allowed in the domestic airlines sector under the automatic route, but not in the case of foreign airline companies. However, non-resident Indians (NRIs) can hold up to 100 per cent equity in domestic airlines. The Ministry of Civil Aviation (MOCA) has raised the FDI limit in cargo airlines from 49 to 74 per cent. With the rise in fuel prices, the GoI has exempted the 5 per cent customs duty levied on jet fuel to help airlines reduce their operational costs. Some states, including Andhra Pradesh, Rajasthan and Maharashtra (excluding Mumbai and Pune), have reduced their sales tax on aviation turbine fuel (ATF). On 22 May 2010, the GoI established the Civil Aviation Safety Advisory Council (CASAC) under the Director General of Civil Aviation.
Sources: Airports Investment Commission of India website, http://www.investmentcommission.in/civil_aviation_&_airports.htm, accessed 27 January 2010; Ministry of Civil Aviation200809 annual report.

27

AIRPORTS

November 2010

Contents
Advantage India Market overview Investments Policy and regulatory framework Opportunities Industry associations

28

OPPORTUNITIES Airports November 2010

Opportunities (1/2)

Five international airport projects have been undertaken under the PPP mode. These include the modernisation of the international airports in Delhi and Mumbai and the development of the Cochin, Hyderabad and Bengaluru international airports. The Planning Commission has also developed an MCA to enable state governments to develop greenfield airports under the PPP mode. The GoI is planning the city-side development of 24 non-metro airports in collaboration with private players. The AAI is currently inviting bids for the city-side development of the Lucknow, Jaipur, Amritsar, Udaipur, Kolkata, Visakhapatnam, Indore, Ahmedabad and Guwahati airports. Under the revised Eleventh Five Year Plan (20072012), the GoI expects an investment of around US$ 7.5 billion (INR 361.3 billion) for the development of airport infrastructure in the country. Of this, 64 per cent is expected to come from the private sector.

Increasing opportunities for private players

Airport connectivity

The MOCA is focusing on improving connectivity to major airports. It has selected 12 airports in the first phase. These include the Mumbai, Chennai, Bengaluru, Kolkata, Hyderabad, Ahmedabad, Cochin, Coimbatore and the proposed Navi Mumbai and Noida airports. The GoI is promoting the expansion of air connectivity between tier-II and tier-III cities and has introduced a separate category named Scheduled Air Transport (Regional) Services.

Sources: Ministry Of Civil Aviation 20092010 annual report.; Airports: Economic Survey 200910, Union Budget And Economic Survey website, www.indiabudget.nic.in, accessed 16 November 2010. ; Eleventh Five-year plan (20072012), Planning Commission website, http://planningcommission.nic.in, accessed 11 November 2010; Sector focus, Civil aviation, Indian Infrastructure, August 2010.

29

OPPORTUNITIES Airports November 2010

Opportunities (2/2)

The substantial increase in international air traffic and the growth in the fleet size of domestic airlines has given India the opportunity to provide maintenance, repair and overhaul (MRO) services to these airlines.

International passenger and cargo traffic have increased at CAGR of 12.1 per cent and 9.1 per cent, respectively between 200405 and 20092010. International tourist traffic is expected to increase up to 50 million by 2015.

MRO facilities

The demand for MRO services has increased substantially in the past five years. In India there is only one established third-party MRO facility. So, there exists an opportunity for MRO services in the country. Both greenfield and brownfield airport projects have a strong focus on setting up MRO facilities. The countrys aviation sector has investment opportunities worth US$ 150 billion and GoI has invited Canadian and other global companies to participate.

Between April 2000 and August 2010, FDI in the air transport sector (including air freight) amounted to US$ 317.28 million.

Foreign investments in the civil aviation sector

The GoI is taking initiatives and liberalising foreign investment conditions to encourage foreigninvestor participation in the civil aviation sector.

The GoI has allowed 100 per cent FDI for greenfield airports under the automatic route.

The MOCA has raised the FDI limit for cargo airlines from 49 per cent to 74 per cent.
Under its open sky policy, the GoI is gradually liberalising air services in the country and is seeking increased traffic rights through bilateral agreements with foreign countries such as the UAE, Mexico, Thailand and Germany.

Sources: Ministry of Civil Aviation 20092010 annual report.; Sector focus, Civil aviation, Indian Infrastructure, August 2010; Press release, Ministry of Civil Aviation website, http://civilaviation.nic.in, accessed 17 November 2010.

30

AIRPORTS

November 2010

Contents
Advantage India Market overview Investments Policy and regulatory framework Opportunities Industry associations

31

INDUSTRY ASSOCIATIONS Airports November 2010

Industry associations
Airports Authority of India (AAI) Rajiv Gandhi Bhawan, Safdarjung Airport, New Delhi 110 003 Phone: 91 11 24632950 Directorate General of Civil Aviation (DGCA) Aurbindo Marg, Opp. Safdarjung Airport, New Delhi 110 003 Phone: 91 11 24622495 Fax: 91 11 24629221 E-mail: dri@dgca.nic.in, dfa@dgca.nic.in

32

NOTE Airports

November 2010

Note
Wherever applicable, numbers in the report have been rounded off to the nearest whole number. Conversion rate used: US$ 1= INR 48

33

AIRPORTS

November 2010

DISCLAIMER
India Brand Equity Foundation (IBEF) engaged Ernst & Young Pvt Ltd to prepare this presentation and the same has been prepared by Ernst & Young in consultation with IBEF. All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The same may not be reproduced, wholly or in part in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this presentation), modified or in any manner communicated to any third party except with the written approval of IBEF. This presentation is for information purposes only. While due care has been taken during the compilation of this presentation to ensure that the information is accurate to the best of Ernst & Young and IBEFs knowledge and belief, the content is not to be construed in any manner whatsoever as a substitute for professional advice. Ernst & Young and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of any reliance placed on this presentation. Neither Ernst & Young nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on the part of the user due to any reliance placed or guidance taken from any portion of this presentation.

34