The Adani group has accomplished the acquisition of Mumbai International Airport Limited (MIAL) and can start development of the greenfield airport in Navi Mumbai subsequent month, it mentioned in a launch at this time.
Last August the group introduced the acquisition of Mumbai airport from the GVK group. The transaction concluded at this time giving the Adanis 74 per cent stake in MIAL.
The Adanis have already got six airports of their portfolio and with the addition of Mumbai airport the group will management management 25 per cent of passenger footfalls and 33 per cent of India’s air cargo and make the group India’s largest airport infrastructure firm.
Adani Airport Holdings Limited may also start the development of the Navi Mumbai International Airport subsequent month and full the monetary closure within the subsequent 90 days. This new worldwide airport can be commissioned in 2024, it mentioned.
Under stress from lenders the GVK group exited the airport sector agreeing to promote its 50.5 per cent stake in MIAL to Adanis. The group additionally acquired 23.5 per cent stake from two South African traders in February. Karan Adani and Gaurav Gupta joined the MIAL board as group nominees quickly thereafter.
“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,” mentioned Gautam Adani, Chairman of the Adani Group