Latest news with #AAI
Time of India
20 hours ago
- Business
- Time of India
Expansion project shelved; govt seeks back Rs 100cr grant
Surat: The civil aviation department of Gujarat has directed the Surat collector's office to return Rs 100 crore, which was deposited as compensation for the acquisition of land for the airport expansion, a project that was suddenly suspended two years after being approved. The project envisaged an important CAT-1 approach lighting system to enhance visibility for pilots during landing in poor visibility conditions like fog, airport surveillance radar (ASR), and Monopulse Secondary Surveillance Radar (MSSR). ASR is used for primary surveillance in the airport, airspace, and terminal area, while MSSR is an advanced radar that uses transponders on aircraft to provide exact position and identification information. The grant was assigned to a special land acquisition office in Surat to compensate owners of 20.33 acres of private land. Sources said that the Director of the Civil Aviation Department wrote a letter on June 16 requesting the return of the grant. Sources said the grant was immediately transferred back to the account provided by the civil aviation department. The Gujarat govt allocated Rs 215 crore for the project, which included installing a CAT-1 approach lighting system at the Surat airport on 20.33 acres of land. An additional five acres were to be acquired for ASR and MSSR. The project, which was deliberated for over 10 years, was finalised after an MOU was signed between the Airport Authority of India (AAI) and the civil aviation department in December 2023. Moving swiftly, a special land acquisition officer was appointed under the supervision of the collector. The office received a first instalment of Rs 100 crore to acquire land from 20 private landowners in Magdalla village. "A grant of Rs 100 crore was allotted to your office for 20.33-acre land acquisition for the Surat Airport Expansion project following a proposal on the 'Gatishakti portal'. However, as AAI has written to the Surat collector on June 2 that it does not require the land as of now, and as AAI has asked to suspend land acquisition until further orders from AAI headquarters, it seems that there is no need for land now. So, it is requested that the grant allotted to you for compensation for land acquisition should be returned to our office," the letter from the civil aviation department read. The suspension of this expansion project has been criticised by Surat's aviation groups, who have cited safety concerns as runway 22 operated with a 615-metre displacement. The CAT-1 approach light was proposed on this side of the runway only.
Mint
a day ago
- Politics
- Mint
Authorities conduct mock emergency drill at Sikkim's Pakyong airport to evaluate crisis management capabilities
A full-scale mock emergency exercise was conducted at Pakyong Airport near Sikkim's Gangtok on Friday to reinforce coordinated response mechanisms, PTI quoted officials as saying. According to the details, the exercise was designed to simulate a real-time aircraft accident scenario and aimed at evaluating the airport's crisis management capabilities, following heightened awareness around aviation safety in the aftermath of the recent Ahmedabad crash, PTI quoted a statement by the Sikkim Information and Public Relations department as saying. Organised under the supervision of the Airports Authority of India (AAI), the exercise involved the coordinated participation of multiple agencies, including the National Disaster Response Force (NDRF), Sikkim State Fire and Emergency Services, AAI Fire and Rescue personnel, staff from the local Primary Health Centre (PHC), and various district-level support agencies, it added. The simulation tested not only the responsiveness and efficiency of each participating unit but also their ability to collaborate seamlessly under pressure, it said. In the exercise, special emphasis was laid on inter-agency coordination, particularly between AAI's operational wings, including ATC and Fire Services, and external emergency units such as the State Fire Service and medical responders. The objective was to ensure that all personnel are well-versed with their roles and responsibilities during a crisis situation and are able to function as a cohesive team, the statement said. Spread over 201 acres, Pakyong Airport is a domestic airport serving Gangtok, the capital of Sikkim. Prime Minister Narendra Modi operationalized it under the UDAN Scheme on 24 September 2018. However, commercial flight operations started on 4 October 2018. The airport is one of the five highest airports in India and the first greenfield airport constructed in Northeast India. Before the construction of Pakyong Airport, Sikkim had been the sole state in India possessing no functional airport.
Yahoo
a day ago
- Business
- Yahoo
Amazing AI PLC Announces Bitcoin Treasury Policy Update
LONDON, GB / / June 27, 2025 / Amazing AI plc (AQSE: AI) - AAI, a global fintech group specialising in online consumer loans, announces an update to its Bitcoin Treasury Policy. AAI is in discussions with one of the world's largest regulated custodians of bitcoin who are highly experienced in setting up Bitcoin Treasuries and act for over 1,500 institutional clients in over 50 countries and hold over 100 billion USD of assets on their platform as custodian. AAI's proposed custodian, which has the ability to buy at lower spreads over-the-counter compared to crypto exchanges, will facilitate all purchases of bitcoin and provide secure cold wallet storage for AAI's bitcoin, avoiding crypto exchange hot wallet risk. Once engaged, the custodian will be able to provide financing against AAI's bitcoin providing AAI with the benefit of any appreciation in the value of the Bitcoin whilst also allowing it to leverage its bitcoin asset 50%. This can then be used to drive greater lending resources in its USA lending operation, which currently charges 59.9% per annum in the state of Georgia, and, in turn, revenues and profits. By way of example, if AAI was able to purchase £20 million of bitcoin in its Bitcoin Treasury, it could potentially borrow up to £10 million to lend out to consumers in Georgia, USA which the Board anticipate could be able to generate up to £5.99 million in additional recurring revenue to AAI per annum. In addition, AAI is currently incorporating a 100% owned subsidiary company in the bitcoin friendly jurisdiction of Mauritius. This entity will serve a dual purpose for both acting as the entity that will buy and hold bitcoin and for potential future expansion into consumer lending emerging markets utilising fiat. The Company will continue to focus on delivering its organic growth strategy centered on consumer lending and on exploring AI finance related services whilst growing a bitcoin treasury over the shorter-term. The Company intends to strategically allocate capital generated from its business operations and future fundraisings, with the aim of maintaining a treasury consisting of both traditional cash reserves and bitcoin. The Company is exploring potential fundraising opportunities for this purpose, following which, the Directors anticipate being in a position to commence bitcoin acquisitions in July 2025. Relevant material changes to its bitcoin treasury holdings and further updates on the Bitcoin Treasury Policy will be announced by the Company in a timely manner. Paul Mathieson, CEO of Amazing AI plc said,"The key difference between Amazing AI plc and most other companies with Bitcoin Treasuries is that we have an underlying consumer loans business that will be able to leverage up the benefits of Bitcoin Treasury by utilising borrowed funds against our Bitcoin Treasury to increase revenue growth in our existing US lending business, future potential Philippines and African lending businesses and our best-of-breed AI finance related services business." This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company accept responsibility for the contents of this announcement. Enquiries: Amazing AI plc Paul Mathieson - Chief Executive Officer iecenquiries@ Cairn Financial Advisers LLP (AAI Corporate Adviser) Ludovico Lazzaretti +44 (0) 20 7213 0880 Jo Turner Oberon Capital (AAI Corporate Broker) Adam PollockNick LoveringJessica Cave +44 (0) 203 179 5300 Professional/institutional investors can contact Oberon Capital on corporatesales@ About Amazing AI plcAmazing AI plc (AAI) is an AI driven, consumer finance fintech innovator that leverages its regulated licensed lending and collections operations, experience and network to distribute best-of-breed AI finance related services globally, specifically focused on lending, collections and debt financing services. AAI operates under the consumer brand Mr. Amazing Loans in the United States with state consumer lending licenses/certificates of authority and an established track-record of lending, collections and regulatory compliance for over 14 years. AAI intends to investigate further utilisation of AI in its own US consumer lending operational processes and seek additional strategic collaborations, joint ventures and acquisitions in the AI sector globally, including in AI deception detection services to increase underwriting and collections performance. AAI also plans to investigate the potential to conduct its own enhanced product/service development, territory customisation and new service initiatives. For more information please visit: Important Notices Amazing AI plc (the "Company") intends to hold treasury reserves and surplus cash in bitcoin. Bitcoin is a type of cryptocurrency or crypto asset. Whilst the Board of Directors of the Company considers holding bitcoin to be in the best interests of the Company, the Board remains aware that the financial regulator in the UK (the "Financial Conduct Authority" or "FCA") considers investment in bitcoin to be high risk. At the outset, it is important to note that an investment in the Company is not an investment in bitcoin, either directly or by proxy. However, the Board of Directors of the Company consider bitcoin to be an appropriate store of value and growth for the Company's reserves and, accordingly, the Company is materially exposed to bitcoin. Such an approach is innovative, and the Board of Directors of the Company wish to be clear and transparent with prospective and actual investors in the Company on the Company's position in this regard. The Company is neither authorised nor regulated by the FCA and cryptocurrencies (such as bitcoin) are unregulated in the UK. As with most other investments, the value of bitcoin can go down as well as up, and therefore the value of bitcoin holdings can fluctuate. The Company may not be able to realise any future bitcoin exposure for the same as it paid in the first place or even for the value the Company ascribes to bitcoin positions due to these market movements. As bitcoin is unregulated, the Company is not protected by the UK's Financial Ombudsman Service or the Financial Services Compensation Scheme. Nevertheless, the Board of Directors of the Company has taken the decision to invest in bitcoin, and in doing so is mindful of the special risks bitcoin presents to the Company's financial position. These risks include (but are not limited to): (i) the value of bitcoin can be highly volatile, with value dropping as quickly as it can rise. Investors in bitcoin must be prepared to lose all money invested in bitcoin; (ii) the bitcoin market is largely unregulated. There is a risk of losing money due to risks such as cyber-attacks, financial crime and counterparty failure; (iii) the Company may not be able to sell bitcoin at will. The ability to sell bitcoin depends on various factors, including the supply and demand in the market at the relevant time. Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay; and (iv) crypto assets are characterised in some quarters by high degrees of fraud, money laundering and financial crime. In addition, there is a perception in some quarters that cyber-attacks are prominent which can lead to theft of holdings or ransom demands. The Board of Directors of the Company does not subscribe to such a negative view, especially in relation to bitcoin. However, prospective investors in the Company are encouraged to do their own research before investing. Caution Regarding Forward Looking StatementsCertain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not a guarantee of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: Amazing AI PLC View the original press release on ACCESS Newswire
Time of India
2 days ago
- General
- Time of India
Emergency drill by simulating an air crash conducted at Madurai airport
Madurai: A full-scale emergency exercise was conducted at Madurai airport on Thursday by simulation of a scenario of an aircraft crash within the vicinity of the aerodrome. According to a statement, the exercise was performed only after two levels of meetings were already held with various stakeholders of the airport, fire department, police, hospitals, and Airports Authority of India (AAI) personnel, among others. The exercise commenced on Thursday with the intimation from air traffic controller (ATC) about the full-scale emergency and subsequently declaring a crash of an aircraft. The aircraft name was presumed to be ABC-123 and people on board were 120. All concerned agencies like CISF had the role of ensuring the entry of the various mutual aid agencies inside the airside of the aerodrome in the quickest time in compliance with the security norms. Mutual aid agencies like hospitals had come prepared with their ambulances and entered the airfield which were duly guided by vehicles of AAI to the air crash site, along with the state fire department vehicle. The simulated fire was put off effectively by the fire department and a triage area was set up for priority -1, priority-2, and priority-3 casualties. All passengers were accounted for and sent to the hospital based on injuries and deceased passengers were handed over to the police department. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Kardioloog: Buikvet na je 50e? Stop dit in je schoenen Akusoli Undo The black box which was recovered from the site was handed over to the safety investigation coordinator (SIC) till the arrival of AAIB/DGCA or other investigating agencies. The NOTAM action was taken to declare the airport as not operational. Subsequently, the operation of the fire department and other agencies was reviewed and the exercise was wound up. Later, a de-briefing meeting was held with all the participating agencies to ensure clear understanding of their roles and address their concerns to ensure that the future exercises/ real incidents are adequately handled to ensure the quickest rescue operations to minimise loss to human lives and property.
Time of India
2 days ago
- Business
- Time of India
Multiplex moves HC against closure order of Aerohub
Chennai: PVR Inox has moved Madras high court challenging the proposed closure of its multiplex at Aerohub located in Chennai airport. Admitting the plea on Thursday, Justice V Anand Venkatesh ordered the maintenance of the status quo until July 8. Aggrieved by an order issued by the Airports Authority of India (AAI) dated June 20, refusing permission to operate the multiplex at Aerohub, PVR approached the court. When the plea came up for hearing, senior advocate P S Raman, representing PVR, submitted that the petitioner was a sub-licensee of Meenambakkam Realty Pvt Ltd, with which AAI entered into a development contract for the construction of Aerohub. While AAI prematurely terminated the development contract with Meenambakkam Realty, it did not order the closure of any of the commercial establishments run by sub-licensees. However, it insisted upon the closure of the multiplex alone on the ground that a cinema hall was not permissible under the Airports Authority of India Act, Raman said. You Can Also Check: Chennai AQI | Weather in Chennai | Bank Holidays in Chennai | Public Holidays in Chennai Pointing out that PVR invested 20 crore in the multiplex, he submitted that AAI could not project the operation of a cinema hall in the airport as an illegal activity and that it is bound by the doctrine of promissory estoppel since the construction of the cinema hall was done with the full consent of AAI, which approved the building plan. Raman added that the AAI Act does not contain any express prohibition on the operation of cinema halls at the airports, as it states that the functions of AAI would include the establishment and maintenance of hotels, restaurants, or restrooms either at airports or near the airports. Representing the AAI, additional solicitor-general A R L Sundaresan submitted that AAI did not sign any direct contract with PVR.
