 "Representative image (Photo: Millennium Post)")
India’s decision to revoke the security clearance for Turkey-based Celebi Aviation has plunged the firm’s stock prices deeper into the red territory. Celebi’s stock price fell 10 per cent Friday (May 16), a loss of 247 points, soon after markets opened.
The Indian government had revoked the firm’s clearance in the aftermath of the India-Pakistan conflict, during which Turkey emerged as Islamabad’s key backer. Celebi had been handling ground services in 15 key airports around India, including Delhi’s Indira Gandhi International Airport (IGI).
Çelebi operates in India through two entities: Çelebi Airport Services India, which manages ground handling, and Çelebi Delhi Cargo Terminal Management India, responsible for cargo services at Delhi International Airport. Both fall under Çelebi NAS Airport Services, which oversees 70% of ground operations at Mumbai Airport and nine other cities, including Hyderabad, Cochin, and Chennai.
Celebi claims it’s not Turkish firm
Meanwhile, as the firm feels the heat of the backlash from Indian masses and the government, Celebi has claimed it’s not a Turkish firm and 65 per cent of its ownership lies with foreign investors.
“We are not a Turkish organisation by any standard and adhere fully to globally accepted practices of corporate governance, transparency, and neutrality, with no political affiliations or links to any foreign government or individuals”, said the firm in a press release.
The firm also rejected the speculations that Turkey President Recep Tayyip Erdoğan’s daughter Sümeyye Erdoğan was one of its owners, saying it had no links with her.
According to media reports, the firm’s 65 per cent ownership is held by international investors, with Actera Partners II L.P., a Jersey-registered fund. Of the remaining stocks, 50 per cent belongs to Çelebi Havacılık Holding A.Ş. and the remaining 15 per cent is owned by Alpha Airport Services BV, a Dutch-registered entity.
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Founded in 1958, Celebi was Turkey’s first privately-owned ground handling firm. Over the years, it has grown into a global aviation services provider with a presence across three continents, six countries, and 70 airports worldwide. The company employs over 15,000 people.
A Moneycontrol report earlier revealed that Çelebi Aviation’s dealings with Indian carriers accounted for 25 per cent of the firm’s total business.