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Airports Economic Regulatory Authority of India Determination Of F. No. AERA/20010/MYTP/DIAL/CP-II/2013-14/Vol- 1/ Consultation Paper No. 16/2014-15 Airports Economic Regulatory Authority of India Determination of Aeronautical Tariffs in respect of Indira Gandhi International Airport, Delhi for the Second Control Period (01.04.2014 – 31.03.2019) New Delhi: 28th January, 2015 AERA Building Administrative Complex Safdarjung Airport New Delhi - 110003 Table of Contents 1. Brief facts ................................................................................................................. 5 2. DIAL Appeal against Delhi Tariff Order No. 03/2012-13 ............................................ 10 3. Principles for Determination of Aeronautical Tariff .................................................. 15 a. DIAL Submission on Principles of Determination of Aeronautical Tariff ..... 15 b. Authority’s Examination of DIAL’s submission on Principles of Determination of Aeronautical Tariff .......................................................... 20 4. Control Period ......................................................................................................... 35 a. DIAL Submission on Control Period ............................................................. 35 b. Authority’s Examination of DIAL Submissions on Control Period ............... 35 5. Development Fee and its adjustment to RAB ........................................................... 37 6. Consideration of True-ups for first Control Period in respect of DIAL ........................ 47 7. Allocation of Assets (Aeronautical / Non-Aeronautical) ........................................... 73 a DIAL Submission on Asset Allocation (Aeronautical / Non-Aeronautical) .. 73 b Authority’s Examination of DIAL’s Submission on Asset Allocation (Aeronautical / Non-Aeronautical) .............................................................. 77 8. Opening Regulatory Asset Base (RAB) for Second Control Period ............................. 84 a. DIAL Submission on Opening Regulatory Asset Base (RAB) ........................ 84 b. Authority’s Examination of DIAL Submissions on Opening Regulatory Asset Base (RAB) ................................................................................................... 87 9. Hypothetical Asset Base .......................................................................................... 91 a. DIAL Submission on Hypothetical Asset Base (HRAB) ................................. 91 b. Authority’s Examination of DIAL Submission on Hypothetical Asset Base (HRAB) ......................................................................................................... 94 10. Additions to Regulatory Asset Base ......................................................................... 97 a DIAL Submission on Additions to Regulatory Asset Base ............................ 97 b Authority’s Examination of DIAL’s Submission on Additions to Regulatory Asset Base ................................................................................................. 115 CP. No. 16/2014-15-Second Control period Tariff Determination for IGIA, New Delhi Page 2 of 350 11. Regulatory Asset Base for Second Control Period .................................................. 124 a Authority’s examination of DIAL Submission on Regulatory Asset Base .. 124 12. Cost of Debt .......................................................................................................... 126 a DIAL Submission on Cost of Debt .............................................................. 126 b Authority’s Examination of DIAL Submissions on Cost of Debt ................. 128 13. Cost of Equity ........................................................................................................ 137 a Authority’s Examination of DIAL Submissions on Cost of Equity .............. 138 14. Land Monetization and its Treatment towards Target Revenue ............................. 142 15. Weighted Average Cost of Capital (WACC) ............................................................. 152 a DIAL Submission on Weighted Average Cost of Capital (WACC) .............. 152 b Authority’s Examination of DIAL Submissions on Weighted Average Cost of Capital (WACC) .......................................................................................... 155 16. Depreciation ......................................................................................................... 160 a DIAL Submission on Depreciation .............................................................. 160 b Authority’s Examination of DIAL Submissions on Depreciation ................ 162 17. Operating Expenses .............................................................................................. 170 a DIAL Submission on Operating Expenses .................................................. 170 b Authority’s Examination of Operating Expenses ....................................... 219 18. Taxation 243 a DIAL Submission on Taxation .................................................................... 243 b Authority’s Examination of DIAL Submissions on Taxation ...................... 244 19. Non-aeronautical revenue ..................................................................................... 247 a DIAL Submission on Non-aeronautical revenue ........................................ 247 b Authority’s Examination of DIAL Submissions on Non-aeronautical revenue ................................................................................................................... 283 20. Treatment of Cargo, Ground Handling & Fuel throughput Revenues ...................... 289 a DIAL Submission on Treatment of Cargo, Ground Handling & Fuel throughput Revenues ................................................................................ 289 CP. No. 16/2014-15-Second Control period Tariff Determination for IGIA, New Delhi Page 3 of 350 b Authority’s Examination of DIAL Submissions on Treatment of Cargo, Ground Handling & Fuel throughput Revenues ........................................ 299 21. Traffic Forecast ..................................................................................................... 308 a DIAL Submission on Traffic Forecast ......................................................... 308 b Authority’s Examination of DIAL Submissions on Traffic Forecast............ 312 22. Inflation 316 a. DIAL Submission on Inflation ..................................................................... 316 a Authority’s Examination of DIAL Submissions on Inflation ....................... 317 23. Quality of Service .................................................................................................. 319 a DIAL Submission on Quality of Service ...................................................... 319 b Authority’s Examination on Quality of Service .......................................... 319 24. Sensitivity Analysis ................................................................................................ 321 25. Tariff Structure/ Rate Card .................................................................................... 325 a DIAL Submission on Tariff Structure/ Rate Card ....................................... 325 b Authority’s Examination of DIAL Submissions on Tariff Structure/ Rate Card ................................................................................................................... 327 26. Viability of IGI Airport, Delhi ................................................................................. 330 27. Summary of Proposals .......................................................................................... 332 28. Stakeholder Consultation Timeline ........................................................................ 344 29. List of Tables ......................................................................................................... 345 30. Annexures ............................................................................................................ 349 CP. No. 16/2014-15-Second Control period Tariff Determination for IGIA, New Delhi Page 4 of 350 1. Brief facts 1.1. In the year 2003, the Airports Authority of India Act, 1994, was amended to enable setting up of private airports and the leasing of existing airports to private operators. The Amendment Act of 2003 was brought into effect on 01.07.2004. In pursuance thereof, the Government of India (GoI) had approved the modernization, up- gradation and development of the Delhi and Mumbai Airports through private sector participation. Thereafter, Airports Authority of India (AAI) initiated the process of selecting a lead partner through competitive bidding for executing the modernization projects. 1.2. As far as Indira Gandhi International (IGI) Airport, New Delhi is concerned, a consortium led by the GMR Group was awarded the bid for operating, maintaining, developing, designing, constructing, upgrading, modernising, financing and managing the Airport. Post selection of the private consortium, a special purpose vehicle, namely Delhi International Airport Private Limited (DIAL), was incorporated on 1st March 2006 with AAI retaining 26% equity stake and balance 74% of equity capital acquired by members of consortia. The GMR consortia comprised GMR Group entities, Fraport AG, Malaysia Airports Holdings Bhd and India Development Fund (which exited the consortium subsequently). On 4th April 2006, DIAL signed the Operation, Management and Development Agreement (OMDA) with AAI and took over the operations of IGI Airport on 3rd May 2006. 1.3.
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