Bengaluru: The state government, which earlier seemed to be giving in to pressure from Bangalore International Airport Limited (BIAL), has now snubbed the company, and refused to increase the state’s equity in BIAL. BIAL recently sought an increase in the state government’s equity in the company, citing insufficient funds for the ongoing terminal expansion at the international airport.
The Finance Department has suggested that BIAL use the excess land given by the state government in order to raise money for expansion rather than seeking increased equity, a source in the department said.
The shareholders of BIAL had sought additional Rs 150 crore equity participation from the state government. The Government of Karnataka has a 13 per cent share in BIAL. The state also gave has already released Rs 350 crore and gave 4000 acres of land for the project.
Read news in full 12/10/13 Deccan Chronicle
Sunday, 13 October 2013
BIA set to become most expensive airport in country
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