The Ministry “strongly refutes the loss figures and other allegations made in the report” and the calculation of “presumptive gain from the commercial use of land at Delhi Airport was totally erroneous and misleading,” an official statement said.

Asked about the report, Civil Aviation Minister Ajit Singh said “it is not for us to comment or say whether we accept it or not. The report will go to the Public Accounts Committee which will take a decision.”

Flight School

The Ministry statement said that in the calculation, the Comptroller and Auditor General (CAG) “simply adds the nominal value of the projected revenue, without taking the net present value.

Aviation Colleges

In fact the net present valueof the figure quoted byCAG is Rs 13,795 crores only. CAG has further failed to appreciate that 46 per cent of this amount would be payable to AAI as revenue share.”

It said the views of the Ministry and Airports Authority of India (AAI) had not been incorporated in the report and “there are aspects mentioned in the final report which were neither included in the draft audit report nor were discussed with the Ministry at any point in time.”