 "Adani takes over Mumbai airport, becomes India's largest airport operator")
The Adani group has completed the acquisition of Mumbai International Airport Limited (MIAL) and will begin construction of the greenfield airport in Navi Mumbai next month, it said in a release today.
Last August the group announced the acquisition of Mumbai airport from the GVK group. The transaction concluded today giving the Adanis 74 per cent stake in MIAL.
The Adanis already have six airports in their portfolio and with the addition of Mumbai airport the group will control control 25 per cent of passenger footfalls and 33 per cent of India's air cargo and make the group India's largest airport infrastructure company.
Adani Airport Holdings Limited will also 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, it said.
Under pressure from lenders the GVK group exited the airport sector agreeing to sell its 50.5 per cent stake in MIAL to Adanis. The group also acquired 23.5 per cent stake from two South African investors in February. Karan Adani and Gaurav Gupta joined the MIAL board as group nominees soon 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,” said Gautam Adani, Chairman of the Adani Group
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