Turkey-based Airport ground handling company, Celebi Aviation Holding’s shares witnessed a drop of almost 20% in its value in the last two days. The development comes following the revocation of the security clearance by the DG, Bureau of Civil Aviation Security (BCAS), citing national security concerns.
Celebi Aviation: Explore the option of administrative and legal remedies
According to an Indian Express report, The company said it would also explore the option of administrative and legal remedies to reverse the government’s decision. The company admitted that a third of its consolidated revenue last year came from Indian subsidiaries.
The fallout from the revocation of security clearance by the BCAS was evident when the company’s shares dropped by 10% on the Borsa Istanbul (Istanbul Stock Exchange) on May 15.
Centre revokes security clearance
The Central government has revoked the security clearance of Turkish ground-handling company Celebi NAS Airport Services, citing national security concerns.
Celebi handles about 70 per cent of ground operations at Mumbai’s Chhatrapati Shivaji Maharaj International Airport, including passenger handling, load control, cargo services, postal services, warehouse management, and bridge operations. It also operates at multiple airports across India.
Turkiye extended support to Pakistan
The decision comes amid growing backlash after Turkiye extended support to Pakistan during heightened tensions with India.
In an official order, the Bureau of Civil Aviation Security (BCAS) stated: “The security clearance in r/o Celebi Airport Services India Pvt. Ltd, under the category Ground Handling Agency was approved by DG, BCAS vide letter no. 15/99/2022-Delhi-BCAS/E-219110 dated 21.11.2022. In the exercise of power conferred upon DG, BCAS, the security clearance in r/o Celebi Airport Services India Pvt. Ltd is hereby revoked with immediate effect in the interest of National Security. This issues with the approval of DG, BCAS.”
