Turkish aviation services company Celebi Aviation says it lost nearly $500 million in value after India abruptly revoked its security clearance and shut down its operations in the country following the India-Pakistan conflict linked to Operation Sindoor. Chairperson Canan Celebioglu told Bloomberg that the decision effectively erased a business presence built over two decades, calling India a market the company had developed “stitch by stitch” since 2000.
Celebi Airport Services India had become one of India’s largest ground-handling operators before the crackdown in May 2025, working at nine major airports including New Delhi, Mumbai and Bengaluru. The company handled about 58,000 flights and more than 540,000 tonnes of cargo each year. After the government action, Celebi says its equipment was seized, its contracts were terminated and about 10,000 employees were transferred to another operator, leaving the company with what it described as an overnight collapse in value.
India’s Ministry of Civil Aviation revoked Celebi’s security clearance on May 15, 2025, citing security concerns and the need to protect national interests. The move came days after India launched Operation Sindoor, a four-day military confrontation with Pakistan that followed the April 22 terrorist attack in Pahalgam, Jammu and Kashmir, in which 26 civilians were killed. During the conflict, Turkey openly supported Pakistan, and reports said more than 350 Turkish-made drones were supplied to Islamabad and used in attacks on Indian military and civilian sites.
Celebi had challenged the decision in the Delhi High Court, but the court upheld the government’s action, saying it was better to be safe than sorry on national security matters. The company argued that it had no meaningful ties to the Turkish state, while Indian authorities maintained that the nature of airport ground handling, cargo services, passenger checks and logistics coordination made the matter sensitive.
Celebioglu said the loss was especially painful because of the company’s long investment in India and its contribution to building the aviation services sector. She described herself as a strong supporter of India and said the country had felt like a second home, though she also acknowledged that operating in such a large and complex market came with difficulties.
The case has become a notable example of how geopolitical tensions can quickly spill into commercial consequences, especially in sectors tied to critical infrastructure and national security. For Celebi, the revocation ended a major India business that had grown steadily for years but was dismantled in a single day.
