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CIAL MODEL PROVES GOVT PARTICIPATION EFFECTIVE IN DEVELOPMENT OF AIRPORTS: CHIEF MINISTER

CIAL AGM ENDORSES 27 % DIVIDEND TO SHAREHOLDERS
05TH September 2020: Chief Minister Pinarayi Vijayan reiterated that big projects like building and maintaining airports can be effectively carried out under the aegis of the State Government and the success of CIAL model emphasizes the relevance of Public Private Participation in Airport infrastructure development. He was addressing the 26th Annual General Meeting (AGM) of the shareholders of Cochin International Airport Ltd. (CIAL) which was held through online platform. As part of deliberation, the AGM endorsed the proposal of board of directors to award 27% dividend to the shareholders for FY 2019-20

 It is a misapprehension that complex projects like development of airport infrastructures have to be fully entrusted with the private sector. CIAL re-scripted it. This PPP venture demonstrated that the participation of the Government in such projects too could be effective in delivering professionalism and beneficial to the people. Infrastructure development projects are implemented by acquiring the land and mind of the common men.  They ought not to be privatized.  CIAL model is inclusive. It addresses the issues of the people too. When this board of directors took charge in 2016, there were 7,000 people working at the airport premises. The number has grown to 12,000 in March 2020 and it is growing. CIAL has invested around         Rs.2,000 Cr in the capacity-enhancement projects of the airport and still not collecting user development fee from the passenger: Chief Minister added. The total installed capacity of solar power plants at the airport has also been enhanced during this period. It was 15.5 MWp and 25 MWp was added during this period.  CIAL is also working on a new solar power plant at Payyanur with an installed capacity of 12 MWp. The company has ventured into business diversification which includes developing small hydroelectric projects. The first one among the allotted SHP projects is being completed at Arippara near Kozhikode. The chief Minister indicated that both of these projects would be commissioned by December 2020.

 CIAL which has an investor base of 19,000 shareholders from 30 countries has been giving dividend unfailingly since FY 2003-04 and with this year, the total dividend payout has touched 282%. The company registered a turnover of Rs.655.05 Cr. in FY 2019-20 with a profit of Rs. 204.05 Cr. This is the first time that CIAL’s profit touches the figure of 200 Cr. The State Govt and its PSUs together enjoy 34.15% stake in CIAL and have got Rs. 368.46 Cr.as dividend so far.

 Apart from the Chief Minister, who is the chairman of the company, Dr.Thomas Isaac, Adv.V.S.Sunil Kumar who are ministers as well as the directors of CIAL, other directors M.A.Yusuf Ali, N.V.George, E.M.Babu, K.Roy Paul, A.K.Ramani, CIAL managing director V.J.Kurian, Company secretary Saji K.George, Chief Financial Officer Sunil Chacko were present in AGM as the representatives of the Management.

 

 

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