Celebi Forced Out of India: National Security Concerns Trigger Major Blow to Turkish Airport Services Firm
Turkish airport services firm Celebi has been dealt a severe blow as the Indian government revoked its security clearance, effectively shutting down its operations across major Indian airports. Citing national security as the reason, the sudden move has triggered a domino effect on the company's financial health, operations, and global reputation — especially since India was Celebi’s most profitable foreign market.
Sharp Financial Fallout
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Stock crash: Celebi’s shares, listed on the Istanbul Stock Exchange, plunged 20% in two sessions, wiping out nearly $200 million in shareholder value. On May 16, the stock dropped 222 points, closing at 2,002 lira.
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Revenue shock: In FY 2023–24, Celebi earned ₹1,522 crore (~$195 million) in India — one-third of its global revenue. Its Indian EBITDA was ₹393 crore, and post-tax profit stood at ₹188 crore for key subsidiaries Celebi Delhi Cargo and Celebi NAS.
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Debt at risk: The company has ₹183 crore in loans tied to its Indian operations. With revenue halted, repaying this debt has become uncertain.
Operations Halted at Key Indian Airports
Celebi's exit affects nine major Indian airports, including:
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Delhi
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Mumbai
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Bengaluru
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Chennai
These airports are among India’s busiest and most strategic. With Celebi forced out, other companies have already stepped in to take over contracts, making any future comeback difficult.
The company had invested an estimated $200–250 million in ground handling and cargo infrastructure in India. Much of this infrastructure now risks becoming stranded assets.
Why Was Celebi Forced Out?
The Ministry of Civil Aviation revoked Celebi’s security clearance citing national security concerns. No further public explanation was given. However, the decision comes amid strained diplomatic relations between India and Turkey, which have clashed over geopolitical issues including Kashmir and Pakistan.
While Celebi has challenged the government’s decision in the Delhi High Court, legal experts caution that “national security” is difficult to contest. Even a favourable verdict may not automatically restore lost contracts or goodwill.
Human Cost: Thousands of Jobs Affected
The most immediate human impact is on the 3,800 employees linked to Celebi’s Indian operations. While some airports have promised to redeploy affected workers, uncertainty remains high about job security, pay continuity, and benefits.
Global Repercussions for Celebi
India was not just a big market — it was a growth engine. With Celebi's abrupt exit:
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The firm loses current and future earnings from one of Asia’s fastest-growing aviation markets.
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Its global expansion strategy takes a hit, potentially dampening investor confidence for the long term.
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Market competitors in India, including indigenous ground-handling companies and foreign rivals, now have a rare opening to capture Celebi’s vacated space.
Conclusion
Celebi's forced departure from India marks a significant geopolitical and economic inflection point. It underscores the increasing overlap between national security and international business, particularly in sensitive sectors like aviation infrastructure. For Celebi, it is a devastating operational and financial setback with long-term consequences for its global standing. For India, it signals a tighter scrutiny of foreign players in strategic industries — especially amid shifting diplomatic tides.
