A meeting of the Board of Directors of the Cochin International Airport Limited on Saturday approved the company's financial plan for the next fiscal and the cost estimates of the proposed development projects in future.
The meeting, chaired by Chief Minister Oommen Chandy, who is also the company chairman, also deliberated on the progress achieved in the dispute over debt recovery between the Housing Development Corporation and the company.
CIAL has already completed two rounds of discussions with the HUDCO but is yet to arrive at a final settlement on the issue. The issue pertains to the Rs. 172-crore loan taken by CIAL from the HUDCO at an interest rate of 16 per cent. The matter is now pending with a sub-court in Kochi, of which the Kerala High Court has stayed all the proceedings.
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The board members were also briefed on negotiations with the Europe-based aviation maintenance companies to run the upcoming Maintenance, Repair and Overhaul (MRO) unit.