Air travel to and from Mangaluru Airport to get costlier as AERA approves UDF hike

News Network

January 15, 2023

Mangaluru, Jan 15: The Mangaluru International Airport, controlled by Adani Airports, is all set to set to increase the user development fee (UDF) for the period up to March 2026 after the Airports Economic Regulatory Authority of India (AERA) gave the green signal.

With this the passengers flying from this airport will have to pay more from February.

Previously, only passengers departing or embarking from MIA had to pay UDF. However, beginning February 1, all passengers arriving from various airports and leaving from MIA will be charged UDF.

MIA had moved Airports Economic Regulatory Authority, seeking a revision in the aeronautical tariff for a control period of five years from April 1, 2021, up to March 31, 2026.

MIA had pitched for a revision of airport charges, including user development fee (UDF) from passengers flying in and out of this coastal city. The fee will be hiked every financial year, both for domestic and international passengers.

New Tariff

International travellers arriving at MIA will have to pay Rs 330 as UDF between February and March of this year which will be hiked to Rs 435 from April 2023 till March 2024 and further to Rs 480 after April 2025.

Starting April, domestic travellers will also have to pay Rs 560 towards UDF. This fee will go up further to Rs 700 from April 2024 and to Rs 735 from April 2025. Similarly, international travellers will have to cough up Rs 1,015 from April which will go up to Rs 1,120 from April 2025.

For the first time, domestic passengers arriving at MIA will have to pay an UDF of Rs 150 from April 2023 which will further go up to Rs 240 from April 2024 and Rs 315 from April 2025.

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Adani Group in Crisis: $30 Billion Wiped Out after US Bribery and Fraud Charges Emerge

News Network

November 21,2024

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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