Airports Authority of India to be converted to a company this fiscal year

India's Minister for Civil Aviation, Praful Patel, announced plans to convert the Airports Authority of India (AAI) from an authority to a company by the end of FY2010, ending 31-Mar-2010, by amending the AAI Act 1994 (as amended by the AAI Act 2003), whereby AAI will be required to raise its own funds (The Hindu Business Line, 05-Aug-09).

Ministry of Civil Aviation: "The AAI Act will have to be amended by Parliament. This should not take too long. We hope to make AAI a corporate entity latest by March next year. After AAI becomes a corporate entity, it will not only be able to list on the stock market but also help raise equity," Praful Patel, Minister for Civil Aviation. Source: The Hindu Business Line, 05-Aug-09.