Adani takes over Mumbai International Airport from GVK Group
This follows approvals received from the Government of India, the City and Industrial Development Corporation (CIDCO) of Maharashtra, and the Government of Maharashtra
Hyderabad: Adani Airport Holdings Ltd (AAHL), a wholly owned subsidiary of Adani Enterprises, has taken over the management control of Mumbai International Airport Limited (MIAL) from Hyderabad-based GVK Group. This follows approvals received from the Government of India, the City and Industrial Development Corporation (CIDCO) of Maharashtra, and the Government of Maharashtra.
MIAL is India’s second busiest airport by both passenger and cargo traffic. With eight airports in its management and development portfolio, AAHL is now India’s largest airport infrastructure company, accounting for 25 per cent airport footfalls. With the addition of MIAL, AAHL will now also control 33 per cent of India’s air cargo traffic.
With India going to become 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 Limited (NMIAL) provides a transformational aviation platform allowing Adani Group to interlink its B2B and B2C business as well as create several strategic adjacencies for the Group’s other B2B businesses.
AAHL will begin the construction of the Navi Mumbai International Airport next month and complete the financial closure in the next 90 days. This new international airport will be commissioned in 2024.
“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, e-commerce and logistics capabilities, aviation dependent industries, smart city developments, and other innovative business concepts,” said Gautam Adani, chairman of the Adani Group.
“Our airport expansion strategy is intended to help converge our nation’s Tier 1 cities with the Tier 2 and Tier 3 cities in a hub and spoke model. This is fundamental to enabling a greater equalisation of India’s urban–rural divide, as well as making international travel seamless and smooth,” Adani added.
At 12 per cent CAGR, AAHL expects its share of passenger traffic to grow from 80 million in FY 20 to 100 million in FY 22. With management control of Mumbai International Airport Ltd (MIAL), AAHL is poised to join the league of the world’s leading airport operators that cater to over 100 million passengers and 200 million non-fliers in a year.
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