Outdoor media company Laqshya Media Pvt. Ltd has taken over Vertigo Lanka Pvt. Ltd, which has been the airport advertisement rights concessionaire for the Colombo’s Bandaranaike International Airport since 2002. Vertigo had renewed its contract for an additional five years in the year 2005. However, with this takeover, Laqshya will function as the airport’s advertisement rights concessionaire till 2010.
Bandaranaike International Airport is located in Katunayake, 35 km north of Colombo. It is administered by Airport and Aviation Services (Sri Lanka) Ltd and is the hub of Sri Lankan Airlines, the national carrier of Sri Lanka.
Alok Jalan, MD and CEO, Laqshya Media, said, “This development clearly positions Laqshya at an enviable position in the airport advertising market in South Asia. This is the first international major airport media contract controlled by an Indian company. Laqshya has also been participating aggressively in all airport media contracts in India; we were a close keen participant in the airport media rights for both the Mumbai and Delhi International airports. The acquisition is in line with the growth strategy of Laqshya Media to enter the lucrative airport advertising arena and make a presence for Indian out-of-home players in the international market.”
Laqshya is the only Indian OOH company to have attracted private equity investment from UTI Venture funds for $10 million in 2006. Earlier, through its 100 per cent subsidiary Right Angle Media FZ LLC, Laqshya Media also won the contract of constructing 800 AC bus shelters in Dubai on a built operate transfer (BOT) basis.
In recent years, various expansion projects have been undertaken at Bandaranaike International Airport. A pier with eight aerobridges was opened in November 2005, which is the first of its kind in Sri Lanka. The airport is undergoing the resurfacing of its runway. A superhighway and rail link is currently in the process of construction, to provide more convenient connections to Colombo city, and the domestic airport at Ratmalana.