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Airports Economic Regulatory Authority of India F. No. AERA/20010/MYTP/BIAL/2011-12-Vol I Consultation Paper No.14/ 2013-14 Airports Economic Regulatory Authority of India In the matter of Determination of tariffs for Aeronautical Services in respect of Bengaluru International Airport, Bengaluru, for the first Control Period (01.04.2011 to 31.03.2016) New Delhi: 26th June 2013 AERA Building Administrative Complex Safdarjung Airport New Delhi – 110 003 Consultation Paper No. 14/2013-14 BIAL-MYTP Page 1 of 315 Contents 1 Brief on Bangalore International Airport Limited (BIAL) ............................................................. 5 2 Summary of key agreements entered into by BIAL .................................................................. 12 3 MYTP Submission by BIAL - Brief facts and Chronology of events ........................................... 20 4 Framework for determination of Tariff for BIAL ....................................................................... 27 5 Control Period ........................................................................................................................... 33 6 Pre-control period shortfall claim ............................................................................................. 34 (a) BIAL’s submission on Pre-control period losses ................................................................... 34 (b) Authority’s examination of BIAL’s Submission on Pre-control period losses ....................... 37 7 Regulatory Building Blocks ........................................................................................................ 44 8 Allocation of Assets– Aeronautical / Non-Aeronautical ........................................................... 46 (a) BIAL’s Submission on Asset Allocation .................................................................................. 46 (b) Authority’s examination of BIAL’s Submission on Asset Allocation ..................................... 52 9 Future Capital Expenditure including General Capital Expenditure ......................................... 54 (a) BIAL’s submission on Future Capital Expenditure ................................................................ 54 (b) Authority’s examination of BIAL’s submission on Future Capital Expenditure .................... 70 10 Regulatory Asset Base (RAB) and Depreciation ........................................................................ 73 (a) BIAL’s submission on Regulatory Asset Base and Depreciation ........................................... 73 (b) Authority’s examination of BIAL’s submission on Regulatory Asset Base and Depreciation 82 11 Traffic Forecast.......................................................................................................................... 89 (a) BIAL’s submission on Traffic Forecast ................................................................................... 89 (b) Authority’s examination on BIAL’s submission on Traffic Forecast ...................................... 91 12 Debt and Cost of Debt ............................................................................................................... 94 (a) BIAL’s submission on Debt and Cost of Debt ........................................................................ 94 (b) Authority’s examination of BIAL’s submission on Debt and Cost of Debt ............................ 97 13 Cost of Equity .......................................................................................................................... 103 (a) BIAL’s submission on Cost of Equity ................................................................................... 103 (b) Authority’s examination of BIAL’s submission on Cost of Equity ....................................... 106 14 Weighted Average Cost of Capital (WACC) / Fair Rate of Return ........................................... 122 (a) BIAL’s submission on Weighted Average Cost of Capital ................................................... 122 Consultation Paper No. 14/2013-14 BIAL-MYTP Page 2 of 315 (b) Authority’s examination of BIAL’s submission on Weighted Average Cost of Capital ....... 123 15 Taxation Issues ........................................................................................................................ 126 (a) BIAL’s submission on Taxation ............................................................................................ 126 (b) Authority’s examination of BIAL’s submission on Taxation ................................................ 127 16 Working Capital and Interest thereon .................................................................................... 130 (a) BIAL’s submission on Working Capital and Interest thereon.............................................. 130 (b) Authority’s examination of BIAL’s submission on Working Capital and Interest thereon . 131 17 Operating and Maintenance Expenditure .............................................................................. 133 (a) BIAL’s submission on Operating and Maintenance Expenditure ........................................ 133 (b) Authority’s examination of BIAL’s submission on Operating and Maintenance Expenditure 149 18 Revenue from Other than Aeronautical Services ................................................................... 157 (a) BIAL’s submission on Revenue from other than Aeronautical Services ............................. 157 (b) Authority’s examination of BIAL’s submission on Revenue from other than Aeronautical Services ........................................................................................................................................... 167 19 Treatment of Cargo, Ground Handling & Fuel Through put Revenues .................................. 178 (a) BIAL’s Submission on Treatment of Cargo, Ground Handling & Fuel Throughput Revenues 178 (b) Authority’s examination on BIAL’s submission on Treatment of Cargo, Ground Handling & Fuel Throughput Revenues ............................................................................................................. 180 20 Inflation and WPI based Increase ........................................................................................... 187 a BIAL’s Submission on WPI ....................................................................................................... 187 b Authority’s Examination of BIAL’s Submissions on WPI ......................................................... 187 21 Calculation of X factor ............................................................................................................. 189 a Authority’s view on X factor ................................................................................................... 189 22 Sensitivity Analysis .................................................................................................................. 190 23 Aggregate Revenue Requirement for BIAL (ARR) – Under Single Till and Dual Till ................ 192 24 Annual Tariff Proposals: Proposals of BIAL and computation of the Authority (under Single and Dual Till). 195 (a) BIAL’s Submissions on Tariff Structure/ Rate Card ............................................................. 195 Consultation Paper No. 14/2013-14 BIAL-MYTP Page 3 of 315 (b) Authority’s Examination of BIAL’s Submissions on Tariff Structure/ Rate Card ................. 196 25 Analysis of Service Providers of CGF as Agents of BIAL (under Single and Dual Till) .............. 200 26 BIAL’s submission on Regulatory Approach and Till and Authority’s views ........................... 205 (a) BIAL’s submission on Till and related matters .................................................................... 205 (b) Authority’s examination of submissions of BIAL in support of Till and other matters ....... 229 27 Annual Tariff Proposals as computed by the Authority for Stakeholders’ Consultation (CGF as Concessionaires and Agents) .............................................................................................................. 286 28 Capital financing requirement for expansion and Means of Financing .................................. 289 29 Matters relating to quality of service...................................................................................... 296 a BIAL’s Submission on Quality of service ................................................................................. 296 b Authority’s examination of BIAL’s Submission on Quality of service ..................................... 297 30 Matters regarding Error Correction and Annual Compliance Statement ............................... 300 (a) Authority’s examination of Error Correction and Annual Compliance Statement ............. 300 31 Summary of Proposals put forth for Stakeholders’ Consultation ........................................... 301 32 Stakeholder Consultation Timeline ......................................................................................... 309 33 List of Tables ........................................................................................................................... 310 34 List of Annexures ..................................................................................................................... 315 Consultation Paper No. 14/2013-14 BIAL-MYTP Page 4 of 315 1 Brief on Bangalore International Airport Limited (BIAL) 1.1 Earlier, Airports in India were developed, owned and managed by Airports Authority of India (AAI). To keep with anticipated air traffic growth, Government of India (GoI) initiated the process of upgrading the
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