The Adani Group has formally taken over the management of the Mumbai International Airport from the GVK Group. As such, Adani Airport Holdings now has control over 33% of India’s air cargo traffic.
Adani Airport Holdings Limited, a wholly owned subsidiary of the multinational conglomerate Adani Enterprises Limited now accounts for, 25% of airport footfalls, having a total of eight airports in its management and development portfolio.
According to a statement shared by the Adani Group, the latest deal comes after the Mumbai International Airport Limited’s board meeting and follows approvals received from the central government, Maharashtra government as well as the City and Industrial Development Corporation (CIDCO) of Maharashtra.
Gautam Adani, Chairman, Adani Group, said the airport expansion strategy is intended to help converge India’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 equalization of India’s urban-rural divide, as well as making international travel seamless and smooth,” he said. “Our larger objective is to reinvent airports as ecosystems that drive local economic development and act as the nuclei around which we can catalyze 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.”
Moreover, the addition of the country’s second busiest airport by both passenger and cargo traffic to the Adani Group’s portfolio and the operationalization of the greenfield Navi Mumbai International Airport Limited will enable the infrastructure conglomerate to interlink its B2B and B2C business. The Adani Group will begin the construction of the Navi Mumbai International Airport next month and complete the financial closure in the next 90 days. The airport will be commissioned in 2024.
Adani Airport Holdings, which took over the operations of Lucknow, Ahmedabad and Mangaluru Airport in 2020, aims to develop next-generation airport-centric ecosystems to catalyze the aviation-linked businesses.