Adani plans ₹35,000 crore more capex in Navi Mumbai airport by FY30

Project gets interim tariff nod from Airports Economic Regulatory Authority

The Adani Group will invest ₹34,802 crore more as capital expenditure by 2029-30 (FY30) in Navi Mumbai International Airport Pvt Ltd (NMIAL), according to its recent submission to the Airports Economic Regulatory Authority (Aera). This is on top of the ₹22,531 crore ongoing investment in its first two phases. 

  Following the latest filing, which was reviewed by Business Standard, Aera issued an ad-hoc tariff order, dated June 20, for the airport. 

The group intends to develop two passenger terminals, dual runways, a multi-modal transport hub, cargo terminals, and metro connectivity as part of the first three of five development phases for this greenfield airport project. Aera has approved interim user development fees of ₹620 for departing domestic passengers and ₹1,225 for departing international passengers. Arriving domestic and international passengers will pay ₹270 and ₹525, respectively. 

These charges will be effective from the commercial opening of the airport, scheduled for August 2025, until March 31, 2026, or until regular tariffs are finalised, AERA noted. 

Adani Group-led NMIAL, which is building and managing the airport project, told Business Standard that this interim tariff is ad hoc in nature and would be in effect only until AERA finalises a comprehensive multi-year tariff order following full stakeholder consultation. “This is a routine regulatory step for all greenfield airports in India,” NMIAL said.   

Earnings by the airport operator under this ad-hoc order will be taken into account when the full tariff order is issued for the first control period. 

AERA said the ad hoc tariff was being introduced “to avoid regulatory vacuum at the major airport”, as regular tariff determination requires a detailed review of regulatory building blocks and stakeholder consultation. The authority also approved aircraft landing charges of ₹1,400 per metric tonne for domestic flights and ₹1,850 per metric tonne for international flights. 

The first two phases of the airport’s development, involving an investment of ₹22,531 crore, focus on the southern half of the site and will create capacity for 20 million passengers annually and 500,000 metric tonnes of cargo. This includes a 3,700-metre-long southern runway, full-length dual taxiways, Terminal 1, an apron with 29 contact stands, and an integrated cargo and general aviation terminal. 

Terminal 1, located at the centre of the site, will be a multi-level structure with domestic and international piers and a large car parking facility. An interim air traffic control tower and fire stations are also being developed in this phase, along with new road access from both the eastern and western boundaries of the site. 

Phase 3, which will be taken up from FY26, aims to expand the airport’s capacity to 50 million passengers annually and 1.2 million metric tonnes of cargo. Construction will shift to the northern half of the site, where a second runway, Terminal 2, and expanded cargo, MRO (maintenance, repair and overhaul), and general aviation facilities will be developed. Terminal 2 will be the largest terminal at Navi Mumbai, equipped with four piers, underground parking for 3,500 cars and contact gates for Code F aircraft (large widebody planes like the A380). A 104-metre-high air traffic control tower will also be built in this phase. 

Significant ground transport integration is also planned in Phase 3. Metro lines from Mumbai and Navi Mumbai will connect to the airport, with three metro stations located within the site. A multi-modal transport hub will include an elevated metro station, a landside automated people mover, a bus terminal and interconnected skywalks linking the terminals. Vehicular underpasses, flyovers and looped roadways will also be constructed to streamline passenger and staff movement.   

According to NMIAL’s projections, the new airport will handle 11.98 million passengers in FY26 and 33.9 million by FY30. Passenger traffic is expected to reach the initial 20 million by FY28, triggering the Phase 3 expansion. 

“Airport operator (NMIAL) has proposed to infuse an amount of ₹57,333 crore (approximately) on creation of airport facilities in Navi Mumbai International Airport during the first three phases out of five phases,” AERA noted. 

NMIAL is a joint venture between the Adani Group-owned Mumbai International Airport Ltd, which holds 74 per cent, and CIDCO, which holds 26 per cent. Once operational, Navi Mumbai airport will operate alongside the existing Chhatrapati Shivaji Maharaj International Airport (CSMIA), creating a dual-airport system for the Mumbai Metropolitan Region. CSMIA is managed by MIAL. 

“CSMIA has both landside and airside constraints for expansion, and therefore, the need for a second airport was felt,” NMIAL noted in its filings. 

The final two phases -- 4 and 5 -- will each add capacity for 20 million passengers, increasing the total capacity to 90 million passengers per annum, contingent on traffic growth. Their construction will depend on actual traffic growth over time.