Adani Arm Takes Control of Mumbai International Airport

Adani Airport Holdings, a wholly-owned subsidiary of Adani Enterprises, has taken over the management control of Mumbai International Airport that operates the Mumbai airport and holds the ₹16,000-crore project to make another airport near the city.

AAHL now owns 74% of MIAL, previously a GVK Group-led consortium. The culmination of the deal makes the Adani Group India’s biggest airport operator. It already operates three other airports in Ahmedabad, Lucknow and Mangaluru and will shortly take over those at Guwahati, Thiruvananthapuram and Jaipur. Adani’s airports account for 25% of airport footfalls and 33% of air cargo in India.

Adani said it will start work on the Navi Mumbai airport in another month, achieve financial closure in 90 days and aims to make it operational by 2024.

“With India becoming to be the world’s third-largest aviation market by 2024, the addition of the Mumbai International Airport to the Adani Group’s existing portfolio of six airports, and thereafter the operationalisation of the greenfield Navi Mumbai International Airport, provides a transformational aviation platform allowing the Adani Group to interlink its B2B and B2C business as well as create several strategic adjacencies for the group’s other B2B businesses,” said a statement from the conglomerate, which is also India’s biggest sea port operator.

“Our larger objective is to reinvent airports as ecosystems that drive local economic development and act as the nuclei around which we can catalyse aviation-linked businesses. These include metropolitan developments that span entertainment facilities, ecommerce and logistics capabilities, aviation dependent industries, smart city developments and other innovative business concepts,” chairman Gautam Adani said.

No comments: