Adani Group takes over Mumbai Airport
Adani Group led by Gautam Adani has completed the takeover of ‘Mumbai International Airport’ from GVK group.
- With this takeover, Adani group has become the top company in terms of airport infrastructure companies in India.
- India is going to become world’s third largest aviation market by 2024.
- addition of Mumbai International Airport to Adani Group’s existing portfolio of six airports will provides a transformational aviation platform will allow Adani Group to interlink its B2B [business-to-business] and B2C [business-to-consumer] business.
- It will also help Adani group to create several strategic adjacencies its other B2B businesses.
- Adani Airport Holdings presently own a 74% stake in Mumbai International Airport.
- With the takeover, Adani group’s airports now account for fourth of total footfalls at airports across India, and third of total air cargo handled.
Airports operated by Adani Group
- Mumbai International Airport will be operated by Adani Airport Holdings which is a wholly-owned subsidiary of Adani Enterprises.
- Thus, the company now operate six airports. Three airports in Ahmedabad, Lucknow and Mangaluru are being operated by Adani group already while takeover of three airports in Guwahati, Thiruvananthapuram and Jaipur is to be complete.
- Adani Group will also set up an airport in Navi Mumbai for which company will achieve financial closure in next 90 days. Group has planned to operationalise Navi Mumbai airport by 2024.
- Bids for operating these airports were won by Adani Group for a period of 50 years after participating in tendering process of Airports Authority of India.
An Indian multinational conglomerate, headquartered in Ahmedabad, was established by Gautam Adani in 1988. It was founded as a commodity trading business under name Adani Enterprises Limited. Its diverse businesses include port management, airport operation, mining, electric power generation & transmission, renewable energy, natural gas, food processing and infrastructure. The group is carrying operations at 70 locations in 50 countries. Group became third Indian conglomerate to cross $100 billion in market capitalization in April 2021.
Month: Current Affairs - July, 2021