KOCHI: Reiterating his stand that big projects like building and maintaining airports can be effectively implemented by the state government, Chief Minister Pinarayi Vijayan said the success of Cochin International Airport Ltd (CIAL) model emphasizes the relevance of public private participation (PPP) in airport infrastructure development. Addressing the 26th Annual General Meeting (AGM) of the shareholders of CIAL through videoconferencing, he said there is a misapprehension that complex projects like development of airport infrastructure have to be fully entrusted with the private sector.
The AGM endorsed the board of directors’ proposal to award 27 per cent dividend to the shareholders for financial year 2019-20.“The CIAL model has demonstrated that the participation of the government in such projects could be effective in delivering professionalism. Infrastructure development projects are implemented by acquiring the common man’s land and it should not be privatised,” the chief minister said.
He said the CIAL model is inclusive and addresses the issues of the people. “CIAL has invested around `2,000 crore for capacity enhancement of the airport and still does not collect user development fee from the passenger,” said Pinarayi. The total installed capacity of the solar power plant at the airport has been enhanced to 25 Mega Watt peak (MWp) from 15.5 MWp. CIAL is also working on a new solar power plant at Payyanur in Kannur with an installed capacity of 12 MWp. The company has ventured into business diversification which includes development of small hydroelectric projects. The first one is being completed at Arippara near Kozhikode. Pinarayi indicated that both of these projects would be commissioned by December 2020.
CIAL, which has an investor base of 19,000 shareholders from 30 countries, has been distributing dividend since 2003-04 and with this year, the total dividend payout has touched 282 per cent. The company registered a turnover of `655.05 crore in 2019-20 with a profit of `204.05 crore. This is the first time CIAL’s profit has crossed the `200 crore-mark. The state government and its PSUs together has 34.15 per cent stake in CIAL.Ministers Thomas Isaac, V S Sunil Kumar, directors Yusuffali M A, N V George, E M Babu, K Roy Paul, A K Ramani, CIAL managing director V J Kurian, company secretary Saji K George and others attended in AGM.