By IANS,
New Delhi : India’s airport operator Airports Authority of India (AAI) was Thursday granted Miniratna status by the government.
A civil aviation ministry statement said the AAI has fulfilled the criteria for Miniratna title by posting continuous profit for the last three years and positive net worth.
The government has granted the Miniratna status to 55 companies so far.
The Miniratna status would allow the AAI to take up investments up to Rs.5 billion (Rs.500 crore) at any airport without seeking prior government approvals.
The AAI would be able to exercise its Miniratna powers after the induction of at least three non-official directors on its board, the statement said.
The AAI is now provided with budgetary support only to implement government-sponsored projects. In such projects, investment decision will be taken by the government and not by AAI, the statement said.