When several entities from the Kerala public sector undertakings (PSUs) are struggling for their survival in the absence of a consistent profitability history, with the big cohorts like Kerala State Road Transport Corporation (KSRTC) compelled to skip its retirees’ pension for months together and Kerala State Electricity Board Ltd (KSEBL) failing to curb its ballooning loss, Cochin International Airport Ltd (CIAL) is forging ahead to innovate itself by creating new profit centres.
CIAL has spun off Cochin International Aviation Services Ltd (CIASL) as another subsidiary with ambitious plans for growth. Golf Club has already started functioning.
CIAL, which currently runs on its own power generated through solar panels, is hopeful of selling surplus power in the future. The company has embarked on several hydel projects through another subsidiary – CIAL Infrastructure Ltd.
CIAL Dutyfree and Retail services (CDRSL) has set its eyes on the huge potentials of managing duty free business in the scores of new airports coming up in India involving investments to the tune of hundreds of crores of rupees.
CIAL has made its intentions clear for its duty free subsidiary. “CDRSL was established mainly for the purpose of expanding the existing duty free operations at CIAL and also to carry out the business of duty free and retail operations to other airports, seaports and other major travel centres in India and abroad,” it said.
The Central Government has recently announced its plans to establish about 100 airports in the next 15 years at an estimated cost of Rs4 lakh crore. About 70 airports will be at new locations, whereas the rest will be second airports or expansion of existing airfields to handle commercial flights.
While the Kannur International Airport, Kerala, is all set to take off during this year itself, the Government of Kerala is busy drawing up plans for an airport in Sabarimala area to become the state’s fifth airport.