GMR Airports Limited's subsidiary, GMR Goa International Airport Limited (GGIAL), has secured a significant victory in its appeal against the Airports Economic Regulatory Authority's (AERA) tariff order for Manohar International Airport, Goa. The Telecom Disputes Settlement & Appellate Tribunal (TDSAT) has ruled in favor of GGIAL, quashing and setting aside various aspects of AERA's Tariff Order No. 27/2023-24 dated December 7, 2023.

Key Points of the TDSAT Judgment

The tribunal's decision addresses several crucial issues raised by GGIAL in its appeal:

1. Project Management Consultancy (PMC) Expenses: TDSAT has directed AERA to reconsider the reduction of PMC expenses.

2. Revenue Determination: The judgment calls for a reassessment of the determination of aeronautical and non-aeronautical revenue, along with associated taxes.

3. Tariff Rate Card: AERA has been instructed to review the finalization of the tariff rate card.

4. License Fees: The treatment of license fees is to be reconsidered by AERA.

Implications for Manohar International Airport

The original tariff order by AERA was intended to determine aeronautical charges for the first control period from April 1, 2023, to March 31, 2028. With this ruling, AERA will need to reassess these charges, potentially impacting the airport's financial structure and operations for the specified period.

GMR Airports Limited's Disclosure

In compliance with SEBI regulations, GMR Airports Limited (formerly GMR Airports Infrastructure Limited) disclosed this development to the stock exchanges. The company stated that TDSAT has upheld GGIAL's contentions by quashing and setting aside various appealed matters from the aforementioned Tariff Order.

Looking Ahead

This ruling marks a significant development for GGIAL and potentially for the broader airport infrastructure sector in India. It underscores the importance of fair and transparent tariff-setting processes in the aviation industry. Stakeholders will be keenly watching how AERA responds to the TDSAT's directives and what implications this may have for future tariff orders at other airports.

The detailed TDSAT order is available for public access, providing transparency in the regulatory process and allowing for further analysis by industry experts and stakeholders.

As the situation develops, it will be crucial to monitor how this decision impacts GGIAL's operations, financial planning, and the overall passenger experience at Manohar International Airport, Goa.

GMR Airports Ltd. recently witnessed significant market activity and announced a strategic move in its business operations.

Block Trade Worth Rs 440.46 Crore

GMR Airports Ltd. experienced a substantial block trade on the National Stock Exchange (NSE), valued at Rs 440.46 crore. The transaction involved approximately 50,337,884 shares changing hands at a price of Rs 87.50 per share. This large-scale trade indicates considerable investor interest in the company's stock.

Incorporation of New Subsidiary

In a separate development, GMR Airports Ltd. has taken a strategic step to expand its cargo and logistics operations. The company announced the incorporation of a new wholly-owned subsidiary named "GMR Cargo and Logistics Limited" on September 11, 2025.

Key Details of the New Subsidiary:

• Purpose: To undertake the Cargo City Project at Indira Gandhi International Airport, New Delhi, awarded by Delhi International Airport Limited (DIAL).
• Scope: The new entity will also explore other cargo and logistics-related opportunities.
• Initial Capital: The subsidiary is incorporated with an initial paid-up share capital of Rs 10.00 crore, divided into 1 crore equity shares of Rs 10 each.

Strategic Implications

This move follows the company's board approval on August 21, 2025, to form a special purpose vehicle for the Cargo City Project. The incorporation of GMR Cargo and Logistics Limited aligns with GMR Airports' strategy to strengthen its position in the cargo and logistics sector, potentially opening up new revenue streams and growth opportunities.

Regulatory Compliance

GMR Airports Ltd. has confirmed that the acquisition of the new subsidiary is not a related party transaction, and no governmental or regulatory approvals were required for this incorporation. This information was disclosed as part of the company's regulatory filing under SEBI's Listing Obligations and Disclosure Requirements.

The combination of the significant block trade and the strategic expansion into cargo and logistics underscores GMR Airports' dynamic position in the aviation infrastructure sector. Investors and industry observers will likely be watching closely to see how these developments impact the company's future performance and market standing.