The Centre has cleared the proposal of Agam SPV Six Ltd, a Cayman Islands-based company, to invest in Indian airports. The foreign company has sought to bring in $300 million to set up new airports and upgrade existing ones. The approval is subject to sectoral regulations notified by the civil aviation ministry. The company will, however, have to make full disclosures of the sources of funds, a government statement said. The project could be taken up by the company or its subsidiaries.
The approval comes close on the heels of new guidelines issued last month that dispenses with prior approval of the Central government for setting up of greenfield airports.
Accordingly, a new airport to be set up by Airports Authority of India or any other airport developer that is in compliance with guidelines and is beyond 150 km from an existing civilian airport will not need prior approval. The Directorate General of Civil Aviation will be competent to grant licence for the operation of the airport as per existing rules and notifications. A steering committee would be set up under the chairmanship of secretary, civil aviation, to coordinate and monitor the clearances required from various agencies for setting up an airport.