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Andhra Pradesh govt scraps contract awarded to SCL-Turbo consortium

Thursday, 30 Jul 2020
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The Andhra Pradesh government has scrapped the concession agreement signed with the Nellore International Airport, a special purpose vehicle (SPV) formed by the SCL-Turbo Consortium.

The concession agreement inked for building a greenfield airport at Dagadarthi in Nellore district on public-private-partnership (PPP) mode was scrapped citing delays in achieving financial closure for the project.

The Andhra Pradesh Airports Development Corporation (APADCL) had signed the concession agreement with the Nellore International Airport SPV in June 2018.

The Dagadarthi airport was envisaged as a low-cost airport to be developed on 1,352 acre of land as part of the state government’s efforts to build greenfield airports to increase air connectivity and foster economic development in the region. The project had received all clearances from various agencies.

The SCL-Turbo Consortium was awarded the project after quoting a premium (revenue share) of nine percent to commence from the 16th year of the commissioning of the airport with an escalation of 1 per cent every year subject to a ceiling of 30 per cent.

As per the agreement, the financial closure for the project was to be achieved by December 2018. Multiple extensions were granted up to July 2019, but the developer failed to achieve financial closure.

The SCL-Turbo consortium informed APADCL that handing over of the land is an essential condition for the airport development and the financial closure can only be achieved only on handing over the airport site.

As per the concession agreement, if the financial closure is not achieved for any reason whatsoever within the period prescribed or the extended period provided thereunder, the agreement will be deemed to be terminated by mutual agreement of the parties.

As per APADCL, except for some portion of land, the remaining land was already made available for the project.

 

 
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