Project Report - Mukul Jain

7/18/2014
Mukul Jain | BBA Aviation |500022054
LANDRUM & BROWN WORLDWIDE SERVICES LA
AERONAUTICAL
& NON – AERONAUTICAL REVENUE OF
AIRPORTS

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University of Petroleum & Energy Studies
SIP Report
on
Aeronautical and Non–Aeronautical Revenues of Airports
Under the Guidance
Of
Dr. Prasoom Dwivedi
Senior Lecturer
The report is submitted as partial fulfilment of the requirement of the award of the degree of
BBA Program of UPES
August, 2014

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Authorization
The report is submitted as partial fulfilment of the requirement of the
award of the degree of
BBA Program of UPES
Under the Valuable Guidance of
Dr. Prasoom Dwivedi
Senior Lecturer
UPES

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Acknowledgement
This is to acknowledge with sincere thanks for the assistance, guidance
and support that I have received while preparing this report. I place on
record my deep sense of gratitude to Dr. Prasoom Dwivedi for giving me
valuable guidance and advice and helped throughout in in conducting
the study on this topic. This project would not have been without his
deep involvement and support.
My very special thanks to Prof. Manish Yadav and Dr. Rajesh Tripathi
for their constant advice and support.
Valuable suggestion and direction given by experienced staff of Delhi
International Airport including Customer service coordinators, Terminal
Duty officers are of immense help. They are working at the airport from
a long time and their thoughts helped me a lot in this project report.
This report will definitely give me new insight about what facilities can
be a fruitful investments towards a better growth of Indian Airports and
this project report is only successful because of the support and
suggestion of these people; I really want to thank them all.
Mukul Jain - 500022054
BBA – Aviation Operations
University of Petroleum & Energy Studies
Dehradun (Uttarakhand)

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Abstract
The objective of this report is to study the various revenue streams for
airports and growing importance of Non-Aeronautical Revenue.
Traditionally, airports focused only upon aeronautical revenue for its
survival but lately they are thriving upon improving non-aeronautical
revenue. This is happening because need for revenue generating space is
growing. Airlines are putting more pressure on airports to contain or
reduce aeronautical charges as a part of the industry’s increasing cost
consciousness.
World scenario says that an average of 60 percent revenue for airport is
generated from non-aeronautical sources.

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Literature Review
This study although is not a quantitative one and does not include any data and regressive calculations,
but it is very important and significant topic, especially in the Indian context where airport is going
through infrastructure upliftment and improvement in all over India. All over the world many different
studies have been done and all those literature have been reviewed before working on this project. Here
is a list of those literature:
 HowIndia’sAirportBodyEarns20%OfRevenuesforDoingNothing–BySouriyaBhownick[2014]
o It shows the details / review of AAI of last 10 Years
 City airport earns more from non-flying sources
o It shows a review of Mumbai Airport and it's comparison with to Singapore's Changi,
London's Heathrow and Sydney Airport
 Money from Delhi, Mumbai fuelling govt's airport modernization plan – By Gupta, Phadnis &
Mukherjee | New Delhi/Mumbai January 13, 2014
o The article refers to the Hybrid Till Model
 Indian PPP airports – By CAPA [Feb 9, 2012]
o The Article gives a brief of Indian PPP Airports growth
 Airport Retail – By Arpita Mukherjee [March 30, 2014]
o It shows, why retailers love airport outlets.
 Airport Incomes - Enhancement of Non Aeronautical Revenues - V1.1
o By – Ineco, Prointec, ERMC (P) Ltd. – June 2013
o It Shows a Capacity Development of Civil Aviation Authority
 Single Till Model – By - Mihir Mishra - September 4, 2011
o The Article concludes that AERA supports Single Till Model
 Hybrid Model – By - Sanjay Jog & Aneesh Phadnis | Mumbai - November 13, 2013
o The Article shows the benefits of Hybrid Till Model
 Airports in North America – By – ACI – November, 2013
o The report shows how American Airports are far better
And many more…

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Table of Contents
Authorization………………………………………………………........ i
Acknowledgement…………………………………………………....... ii
Abstract.……………………………………………………………….. iii
Literature Survey……………………………………………………… iv
1. Introduction………………………………………………………..1
2. Research Framework……………………………………….......…2
2.1 Research Objective
2.2 Research Methodology
2.3 Limitations of the Study
3. Airport Incomes…………………………………………………...3
3.1 Aeronautical Revenue……………………………………4
3.2 Non – Aeronautical Revenue…………………………….5
4. Airport Authority of India…………………………………………9
5. Indian Airports Source of Revenue…………………………........11
6. How the Airport’s charge it’s Passengers? ..................................12
1. Single Till Model…………………………………….12
2. Dual Till Model………………………………………13
3. Hybrid Till Model……………………………………13

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Table of Contents
7. What Officials Accepted? .............................................................13
8. Airport Retail………………………………………………….…15
9. Airports in North America…………………………………….…17
10. Airport of Thailand…………………………………….…..18
11. Indian PPP Airports…………………………………….….19
12. Data Analysis………………………………………….…...20
13. Conclusion…………………………………………………22
14. References……………………………………………23 & 24

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1. Introduction
India’s aviation sector has undergone rapid transformation since the
liberalization drive that began in 2003. The country has one state-
owned airline, Air India, and six private airline groups, which between
them carried just over 45 million domestic and 11 million international
passengers in 2009/10.
Indira Gandhi International Airport, at Delhi is the largest airport in
India and South Asia. It has been ranked 9th among airports handling
20 to 30 million passengers annually.
The last decades saw a period of huge transformations in the airport
industry. Changes in the ownership structure, the understanding of an
airport’s mission, the influence of new market players such a low cost
companies etc. changed the focus of airport management and lead to
an increased focus on non-aeronautical revenue.
Airports need to be attractive and effective to survive. Thus while
management has to pay attention to all the activities of an airport, non-
aviation activities have become extremely important for airports to
remain profitable and competitive.
Non-aeronautical revenues have become increasingly important for
airports, as the growth of non-aviation revenues enables airports to
generate funds for investment in infrastructure and development.
Non-aeronautical revenues are a vital component in the economics of
airports. Besides, having a high non-aviation revenue share is a key

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component for airports as it makes them more attractive for managers
and investors, private or public. [1]
2. Research Framework
2.1 Research Objective
 To Acknowledge the various sources of Airport revenues
 Difference between Aeronautical and Non-Aeronautical
Revenue
2.2 Research Methodology
It’s an explanatory research where secondary source of data have
like web, journals, newspapers, etc. have been used for the study.
2.3 Limitations of the Study
 Unavailability of the data for the research.
 The research is explanatory in nature and cannot be
considered exhaustive.
 Data is fragmented.

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3. AIRPORT INCOMES
According to the Airport Economics Survey 2011 conducted by ACI
(Airports Council International) worldwide total airport income in 2010
reached US $ 101.8 billion, including an estimated US $ 4.6 billion for
the Middle East region. Hence, compared to 2009 survey results,
industry revenue was roughly 7 per cent up in 2010 which is broadly in
line with industry growth. The global airport industry generated US $
54.5 billion in aeronautical revenues in 2010 (including ground
handling). [2]
Commercial airports derive revenues from aeronautical and non-
aeronautical sources:
Aeronautical revenue from passenger and airline user charges accounted for 53.5
percent of industry-wide income, a similar proportion to 2009.

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Non-aeronautical revenues worldwide made up 46.5 percent of industry revenue in
2010; however this category includes non-operating income of USD 6.9 billion.
3.1 Aeronautical Revenues
Aviation incomes are derived from airport fees corresponding to
activities involved in aircraft operations
The aeronautical activities identified can be :
 LANDING AND AERODROME TRAFFIC SERVICES
These activities concern the use of runways by aircrafts and the services
required for such use, other than aircraft ground handling, passenger and
freight, and air traffic services provided by the airport manager.
 PASSENGERS, PRM AND SECURITY
 Airport security fee applies to passenger and luggage inspection and
control services inside airport premises.
 Departure passenger fee applies to the use by passengers of airport
terminal areas which are not accessible to meeters & greeters, and
so complementary airport facilities.
 Airport security fee applies to passenger and luggage inspection and
control services inside airport premises.

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 AIRCRAFT PARKING
Aircraft parking fee applies to the use of authorized aircraft parking areas at
airports.
 FIRE SERVICE PRESENCE
There is a fee for the presence of firefighting service with their crew and
equipment. This presence might be requested by airlines or by the
necessity of cleaning the aircraft parking platform due to fuel or carburant
leak, during the provision of fuel to aircraft, or by expansion and spillage of
fuel in tanks, or for any other reason requiring the platform to be cleaned
for safety reasons.
 CARGO
This fee refers to the use of airport premises during freight load and unload
operations.
3.2 Non Aeronautical Revenue
Non-aeronautical revenues are those generated from commercial
activities in the terminal and on airport land, which are not directly
related to air transport operation.
The relationship between the airport and the airline has changed
dramatically, in that the airport can’t just put its costs on the airlines,
by increasing landing/parking fees and has to be be self-sustaining. Non
Aeronautical Revenue have become a valuable source of revenue. The
retail push has been welcome by most airports as they try to build
revenue not dependent on airlines.
Revenues from non-aeronautical activities are a key factor for the
profitability and sustainable growth of Airports

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In order to moderate the cost of flying, airports need to develop other
revenue sources to ensure continued revenue growth and to maintain
or increase profitability.
A report by Airports Council International released on Monday says that
airports are making more money than ever before, mostly from non-
aeronautical revenue.
Source: ACI Report 2013
The majority of the revenue came from parking and ground
transportation, which clocked in at $3.1 billion, or 41.2 percent of the
total, with rental cars and retail and duty-free making up $1.5 billion
and $630 million, respectively.
Source: International Business Times
(nid:1474986)
According to the report, 70 percent of airports are now focusing on
increasing non-aviation revenue as a way to cope with the volatility of
the airlines business cycle, including selling to non-flying passengers,
which is a big change from 1990 when only a third of airports were
trying to tap the wallets of those customers.

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One of the biggest growth markets in airports is automated retail units
selling products from everything from hair care products (in FDA-
friendly 3-oz. units) to the latest technology.
According to the report, non-aeronautical revenue accounted for 44.8
percent of total operating revenue, or $7.56 billion compared with
$9.31 billion, or 55.2 percent in regular aeronautical revenues.
Non-Aeronautical Revenues is a key source to the financial success of
airports. In times of economic crisis that decrease airport revenues
from the aviation business, it is important to maximize existing, and
access new non-aeronautical revenues.
This interactive course has been designed to introduce airports and
business partners to fresh and new successfully applied approaches in
the field of generating non-aeronautical revenues.
Source: aci.aero
Benefits
 Knowledge of Industry best practices in the field of non-
aeronautical reverences
 Learn how to optimize and modernize your approach to existing
sources of non-aeronautical revenues

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 Identify new sources of non-aeronautical revues at your airport
 Analyze your market and client base in order to be able to adjust
your offerings to that market
 Make efficient use of modern technologies in the field of non-
aeronautical revenues
Who should under see?
 Business Development Managers;
 Commercial Managers;
 Airport Planning Managers;
 Airport Business Partners (Shops, rental, service providers, etc.);
 Airport Staff working in the field of non-aeronautical revenues.
Source: aci.aero

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4. Airport Authority of India
Around Rs 13,087 Crore has been budgeted in the last five years while
the revised estimates had been Rs 9,134 Crore (revised of 2013-14
excluded). The revised estimates have gone down from the Budget
estimates for almost every year barring 2012-13.
Budget of AAI over last 5 Years
Note: figures in ( ) are Increase of Decrease in Revised Estimates, NA: Not Applicable,
Figures in Crore Source: Union Budget
The airports run by leading private operators GMR and GVK, especially
those in Delhi and Mumbai, are turning out to be cash cows for the
government. The hefty revenues the Airports Authority of India (AAI)
earns from these companies is helping the government fund its
ambitious plan of modernizing airports across the country.

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In 2012-13, as its revenue share from GMR-led Delhi International
Airport Ltd, which runs the capital's airport, and the GVK group, the
operator of the Mumbai airport, AAI received a little over
Rs 2,100 Crore - the most in a financial year since these airports were
privatized. [3]
There are total 449 airports in India, among which 6 are privatized and
125 are handling by AAI (Airport Authority of India) including 11
International Airports, 8 customs airport, 81 Domestic Airports and 25
Civil enclaves at Military Airfields.

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5. Indian Airports Source of Revenue
City airport earns more from non-flying sources
MUMBAI: The city airport has just joined the ranks of
international majors like Singapore's Changi, London's Heathrow
and Sydney Airport. Reason: a change in revenue model.
Share of Non – Aeronautical Revenue as a percentage of total revenue
(percent)
For the first time since it began operations, Mumbai Airport has
recorded a higher percentage of revenue from non-aviation
sources like car parking, shop rentals and advertisements than
from aeronautical ones like aircraft landing, parking charges and
check-in counter rentals. [4]

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6. How the Airport’s charge it’s Passengers?
Calculations can be done through three models
 Single Till Model
 Dual Till Model
 Hybrid Till Model
1. Single Till Model
Single Till leads to least burden on Passengers and will be beneficial for
them too and is also preferred by a senior AERA official, as in the single-
till model, both aeronautical and non-aeronautical charges are taken
into account to calculate the airport charges.
For Ex: Calculating the user development fee (UDF) for international
passengers at the Hyderabad airport on the hybrid till, it would have
been Rs 2,400. It is Rs 1,700 on the basis of single till.
IATA’s Approach to Single Till Pricing: Recognizing that the airport
is an indivisible enterprise, a common sense approach to pricing
aeronautical services with analytical merit is the single till approach.
Under the single till approach, aeronautical charges are effectively set
to recover the costs of providing aeronautical services less any excess
profits the airport operator achieves from non-aeronautical services. In
this way, it treats the airport business as an indivisible enterprise and
recognizes the interrelationships between aeronautical and non-
aeronautical investments, operating costs and revenues. [8]

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2. Dual Till Model
In the double-till model, aeronautical charges are calculated on the
basis of revenues from aeronautical and non-aeronautical charges on
the basis of collections from non-aeronautical.
3. Hybrid Till Model
In the Hybrid model, the charges are calculated by taking all the
aeronautical and 30 percent of the non-aeronautical revenue into
account. At the Delhi and Mumbai airports charges are calculated on
the basis of hybrid model.
“The airport sector in India has still not picked up and needs support
from the government. Hybrid model provides good returns and would
renew interest of private operators,” said a GMR spokesperson.
Flying out of all six airports that are in the process of being privatized —
Chennai, Kolkata, Jaipur, Lucknow, Guwahati and Ahmedabad — is
likely to get expensive once the privatization process is through as the
civil aviation ministry has decided to follow the 'hybrid till' model and
set aside a portion of non-aeronautical revenues for the airport
operator.
7. What Officials Accepted?
According to Amber Dubey, partner and head (aerospace and defence)
at global consultancy KPMG, the agreement between the government
and PAPs is a great achievement.
The Airport Economic Regulatory Authority (Aera) had in 2011 adopted
the single-till model for rate calculation and private developers

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challenged the regulator’s order before the Aera Appellate Tribunal.
Cidco will pitch its case to Aera to get the hybrid-till model approved for
the Navi Mumbai airport.
Developers favour this model over the single-till model, which uses the
entire non-aeronautical revenue to offset aeronautical charges.
[5]
The civil aviation ministry has decided to follow the 'hybrid till' model
and set aside a portion of non-aeronautical revenues for the airport
operator.
Not all revenues — aeronautical and non-aeronautical — collected at
these airports will be accounted for during the calculation of charges by
the airport regulator under the 'hybrid model' than under the 'single
till' model followed currently, where collection from both streams are
taken into account. By apportioning a part of the revenue stream to the
operator under the 'hybrid till' model, the user charges would
consequently go up.
The civil aviation ministry has finalised the model concession
agreement (MCA), which is to be cleared by the new aviation secretary
Ashok Lavasa. The ministry, in its MCA, has also decided that the
charges at these airports will be calculated by the Airports Economic
Regulatory Authority.
The ministry feels that the hybrid model will incentivize the
operator of these airports.
[6]

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8. Airport Retail
Airport retailing is a popular concept globally but is still in its infancy in
India. The non-aeronautical revenue (largely from retail) is more than
double the aeronautical revenue at most airports abroad, but in India it
is the opposite.
Singapore's Changi International Airport's revenues from retail
operations - with more than 350 stores - were over S$1.9 billion
(US$1.5 billion at current exchange rates) in 2012/13.
Apart from Croma, prominent brands with a presence at
Indian airports are Shoppers Stop, Hidesign,
William Penn, Pavers England, WH Smith, among a
host of
others.
Delhi's
Indira
Gandhi
International Airport, for instance, (terminals T1 and T3 combined) has
close to 500 brands spread over 323,000 sq ft. Most of these retailers
plan to scale up and are upbeat about the future. [9]

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It is a similar story for pens and accessories retailer William Penn. "The
highest selling products are writing instruments," says the company's
CEO, Nikhil Ranjan. The company gets about 10 per cent of its total
revenue from its airport stores, three in Delhi and one in Mumbai. It is
now actively looking at setting up shop at most of the newly developed
airports across the country.
The recently opened T2 terminal at Mumbai's Chhatrapati Shivaji
International Airport for instance, has about 700,000 sq ft area - the
size of over 10 soccer fields - dedicated to retail, food and beverage,
lounge and travel services. Similarly, the retail space in Delhi's T3
terminal is spread over 290,000 sq ft.
The returns per square foot are much higher at airports than at other
stores. For Croma.
Airport retailing then appears poised to take root in India.

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9. Airports in North America
Airports in North America see an opportunity to make money
not just on aviation, but they are increasingly focusing on non-
aeronautical revenue, including from people who aren’t flying
that day, as a way to cope with the volatility of the airline
business cycle.
More than 70% of airports in North America in 2013 were
focusing on increasing non-aviation revenue.
In 2012, according to the FAA, U.S. airports generated $9.31
billion in aeronautical revenue, and that was 55.2% of total
operating revenue. Non-aeronautical revenue wasn’t too far
behind, amounting to $7.56 billion, or 44.8% of total operating
revenue. [10]

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10. Airports of Thailand
Airports of Thailand (AoT) has reported a +10.63% leap in non-
aeronautical revenues in the three months ended 31 December 2013
(its first financial quarter), generated by higher concession income.
Non-aeronautical revenues hit Bt 3,871 million (US$120 million) in the
period.
Concession revenues account for 61% of AoT's non-aeronautical income
Source: ©The Moodie Report
Within this, concession revenues climbed by +10.3% to Bt 2,386 million
(US$74 million), with duty free the biggest contributor. Concession
revenues from shops operated by King Power Duty Free (part of King

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Power International Group of Companies) grew by Bt156 million
(US$4.8 million) in the quarter.
The revenue growth was driven mainly by increasing passenger
volumes, said AoT, with international and domestic growth combined
at +10.37 year-on-year. This remains below the growth rates of +17-
18% noted last year.
Source: ©The Moodie Report
11. Indian PPP Airports
Indian PPP airports drive 340% growth in retail and other non-aero
revenues over 5 years
India embarked upon a multi-billion dollar airport modernization
program in 2005. One of the key pillars of this program was the
introduction of the public-private partnership (PPP) model to upgrade
and develop the two primary gateways at Delhi and Mumbai, and to
construct green field facilities in Bangalore and Hyderabad. Prior to this,
all airports in the country, with the exception of Cochin Airport, were
operated by the state-owned Airports Authority of India (AAI).
Private capital was attracted to the Indian airport opportunity from two
perspectives. Firstly, fast growing passenger and freight traffic, and
secondly, there was seen to be significant upside potential in non-
aeronautical revenue. In FY2006, the last year in which all metro
airports were operated by the AAI, non-aeronautical activities
generated just 15.1% of total revenue, compared with around 50% or
more being achieved by commercially driven airports in other parts of
the world.

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12. Data Analysis
The results since then indicate that the optimism about the revenue
growth potential was well-placed. In the last five years, total non-
aeronautical revenue generated across all airports in the country
(excluding Cochin) has grown by more than 340% from INR 4.9 billion to
INR 21.6 billion. The vast majority of this growth (91%) has been driven
by the four metro PPP airports at Delhi, Mumbai, Bangalore and
Hyderabad.
Indian airports annual non-aeronautical revenue: FY2003 to FY2011

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The difference in the commercial approaches of the AAI and the four
PPP airports is starkly visible from an analysis of the non-aeronautical
share of total revenue. All of the PPP airports have grown their non-
aeronautical revenues to at least 35% of total revenue, and more than
45% in the case of Delhi and Hyderabad airports. However, in the case
of the AAI it has risen by less than a couple of percentage points over
the last five years to reach just 17%.
Indian Airport operator’s non-aeronautical share of total revenue (%):
FY2011
Source: CAPA
NEW DELHI: The non-aeronautical revenue of GMR-led joint
venture Delhi International Airport Limited (DIAL) has increased
300 times in the last five years, and so has the revenue of Airports
Authority of India (AAI).

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For an airport operator, the financially healthier option is to
depend more on the steady non-aeronautical revenue and less on
the fickle aeronautical one which falls in times of economic crisis,
said the analyst, adding that "mature airports'' the world over had
a higher percentage of non-aeronautical revenue. Last year,
Sydney Airport, for instance earned 71% of its revenue from non-
aeronautical sources, while Houston earned 81%, Changi earned
58 percent. [4]
A decision has been taken that the private airport operators
will pay lease rental to the Airports Authority of India (AAI)
for using assets created by them.
"Leaving 40 per cent of the revenues to the airport operator
will act as an incentive for the operator. The airport operator
will now innovate to get maximum revenues from non-
aeronautical side, hence, increasing the revenue share to
the government," said the ministry official. [7]

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13. Conclusion
According to analyst estimates, if the concession fees paid by the
two other new and privately-run Greenfield airports - GMR-run
Hyderabad airport and the Bangalore airport, in which GVK has a
strategic stake - are also taken into account, AAI could have made
a bonanza of Rs 2,150 Crore in the year.
The biggest source of Non-Aeronautical Revenue, the Concept of
Retailing Should be implemented largely.
Due to a large amount of Domestic Transportation, Airports are
now focusing onto expanding of Retail in Domestic Terminals.
International airports like Changi, Sydney, Amsterdam and
Heathrow, are making 60-70% of their revenue from non-
aeronautical sources, whereas most Indian airports were making
only 30% - 35% of their money from non-aeronautical sources.
Using Single Till approach tends to be lower than they would
under a dual till because of the sharing of profits generated by
commercial activities.
IATA also prefers the Single Till Model
PPP Airports generate their most of the revenues from Non-
Aeronautical revenue as compared to Airports operated by AAI
generate their most of the revenue from Aeronautical revenues.
In other findings, the Airport Council International survey found
that just 39% of airports in North America have a mobile app, and
that 78% of these apps use them to promote concessions.

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14. References
[1] … … the preferences of the Introduction
(Ineco, Prointec, & ERMC (P)Ltd, 2013, p. 8) Enhancement of
Non-Aeronautical Revenue. p. 8)
[2] … … the preferences of the Airport Incomes
(Ineco, Prointec, & ERMC (P)Ltd, 2013, p. 9)
[3] … … the preferences of the AAI
(Gupta, Phadnis , & Mukherjee, 2014)
=>… … the preferences of the Budget of AAI over last 5 Years
(Bhowmick, 2013)
[4] Indian Airport’s Source of Revenue (V, 2009)
… … the preferences of the, What Official Accepted?
[5] (Jog & Phadnis, 2013)
[6] (Mishra, Mihir;, 2014)
[7] (Mishra, 2014)
[8] (MOCA)
[9] (Mukherjee, 2014)
[10] (ACI, 2013)

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References
ACI. (2013). Airports Flying High on . Survey, Airport Council International, Economic Affairs and
Research. Retrieved from http://skift.com/2013/11/16/airports-are-making-more-money-than-
ever-on-non-aeronautical-revenue/
Bhowmick, S. (2013, June 4). How India’s Airport Body Earns 20% Of Revenues For Doing Nothing.
Retrieved from India Spends: http://www.indiaspend.com/sectors/how-indias-airport-body-
earns-20-of-revenues-for-doing-nothing-26520
Gupta, S. D., Phadnis , A., & Mukherjee, S. (2014, January 13). Money from Delhi, Mumbai fuelling govt's
airport modernisation plan. Retrieved from Bussiness Standard: http://www.business-
standard.com/article/companies/money-from-delhi-mumbai-fuelling-govt-s-airport-
modernisation-plan-114011300031_1.html
Ineco, Prointec, & ERMC (P)Ltd. (2013). Capacity Development of Civil Aviation Authority.
Jog, S., & Phadnis, A. (2013, November 13). Cidco bats for hybrid model to levy fees at Navi Mumbai
airport. Retrieved from Business Standards: http://www.business-
standard.com/article/economy-policy/cidco-bats-for-hybrid-model-to-levy-fees-at-navi-
mumbai-airport-113111200689_1.html
Mishra, M. (Ed.). (2014, January 03). Govt plans to tweak revenue model in private airports. Retrieved
from Journalism of Courage Archieve: http://archive.indianexpress.com/news/govt-plans-to-
tweak-revenue-model-in-private-airports/1214863/2
Mishra, Mihir;. (2014, January 3). Govt plans to tweak revenue model in private airports. Retrieved from
Journalism of Courage Archive: http://archive.indianexpress.com/news/govt-plans-to-tweak-
revenue-model-in-private-airports/1214863/
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