Cochin International Airport Limited A Case of Public - Private Partnership (C)
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Case Details:
Case Code : ECOA130
Case Length : 04 Pages
Period : -
Organization : -
Pub Date : 2005
Teaching Note :Not Available
Countries : Kerala, India
Industry : -
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Introduction
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CIAL was initially registered as a society under the Travancore Cochin Literary Scientific and Charitable Societies Registration Act so that the society could seek interest-free loans from Non Resident Indians, donations and loans from major industrial undertakings, small scale units, exporters, banks, financial institutions and the state government.
However later on to mobilize funds CIAL was incorporated as a public limited company in 1994 with an authorized capital of Rs.900 million. The project was to be funded by equity share capital of Rs.7000 million and loan funds of nearly Rs.1300 million.
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In 1995, HUDCO sanctioned a term loan of Rs.250 million at 16.5% interest. The Federal Bank Limited, a local scheduled commercial bank from Nedumbasserry sanctioned a bridge loan of Rs.100 million for six months, at 15% interest.
The Government of Kerala sanctioned Rs.50 million towards equity. Another Rs.150 million came in as private equity. But the money was still not sufficient. The only way out seemed to be a public issue. But in the Board Meeting, it became clear that the Government was unwilling to lose its prime position in the project. Instead the Government decided to have an equity participation to the tune of 51%...
Exhibit
Exhibit 1: Cochin International Airport Nedumbassery
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