India boycott Turkey: Turkey-based ground handling giant Çelebi Aviation Holding has witnessed a sharp plunge of nearly 20% in its share value over two trading days, following India’s decision to revoke the security clearance of its Indian subsidiaries. The move, linked to “national security” concerns, has effectively halted Çelebi’s operations at nine major Indian airports. The company’s shares fell 10% on Thursday and another 10% on Friday, prompting multiple trading suspensions on the Borsa Istanbul.
India’s diplomatic strains with Turkey
The sudden move by India’s Bureau of Civil Aviation Security (BCAS) comes amid growing backlash over Turkey’s vocal support for Pakistan during last week’s India-Pakistan military tensions. While Çelebi has dismissed any political affiliation, the revocation has impacted not just Çelebi Airport Services India, but also its other Indian entities.
What Çelebi said in response to India’s boycott call?
In a statement, Çelebi Airport Services India pushed back against the allegations, calling itself “truly an Indian enterprise,” led and managed by Indian professionals. “We are not a Turkish organisation by any standard,” the company asserted, adding that it would explore “all administrative and legal remedies” to overturn the decision.
How much does India contribute to Çelebi’s revenue?
Highlighting the importance of its India business, Çelebi disclosed that its Indian subsidiaries contributed 33.8%—approximately $195 million—of its total $585 million consolidated revenue in 2024. Operating at airports including Delhi, Mumbai, Bengaluru, and Chennai, Çelebi had invested over $250 million in India since 2009 and employed more than 10,000 people locally.
Airport ground handling disruption and industry impact
The termination of Çelebi’s airport contracts has led to a scramble among airlines and airport authorities to rope in other major players such as AI Airport Services, Air India SATS, and the Bird Group. Ground handling is a critical part of airport operations, covering check-in, baggage and cargo management, aircraft servicing, and catering.
Company refutes allegations of political links in Turkey
Refuting social media claims, Çelebi denied that Sümeyye Erdoğan Bayraktar, daughter of Turkish President Recep Tayyip Erdoğan, has any ownership in the company. It clarified that Çelebi is majority-owned by international institutional investors and has no political affiliations.
Despite the setback, Çelebi appears determined to fight the decision. “Our subsidiaries have never engaged in activities that violate India’s national security interests. These allegations are unjust and baseless,” the company reiterated in filings.