Gautam Adani-led Adani Group is now the chief operator of the Mumbai International Airport (MIA) after succeeding the GVK group.
Responsible For 1/4th Airport Footfall
Adani Airport Holdings, a wholly-owned subsidiary of Adani Enterprises, currently owns a 74% stake in MIA.
This development has taken the Adani Group to the top in terms of airport infrastructure companies in India.
The Group’s airports now contribute a fourth of the total footfalls at airports across India, and a third of the total air cargo handled.
Group’s Airport Portfolio
The company stated that adding MIA to its existing portfolio of 6 airports transforms the aviation platform and created “several strategic adjacencies for the Group’s other B2B businesses.”
The other airports in the portfolio include those in the cities of Ahmedabad, Lucknow, Mangaluru, Guwahati, Thiruvananthapuram and Jaipur.
The latter three will be soon taken over whereas the former 3 are already in operation by the company.
It also said that India will likely become the world’s 3rd largest aviation market by 2024.
Gautam Adani also tweeted that it will make Mumbai proud by building a world class airport of the future and will also create thousands of local jobs.
The group will also build another airport in Navi Mumbai, the financial closure of which it expects to achieve in the next 90 days.
The airport will also operationalise by 2024.
The Group will launch the IPO of its airport and food businesses.
With the takeover of MIA, one of the busiest airports in Asia, this plan will get an immense boost.
The plan is to hive off its airports’ business into a separate entity before the listing process.
India’s Economic Future
Adani also shared his views on India’s future economic value.
He said that over the next 2 decades, India could become an economic behemoth having become a $5 trillion economy.
He added that India will be home to the largest middle class to ever exist.
This will be augmented by an increase in the working age and consuming population share.
India will also become on the of the largest global markets with respect to consumption size and market cap.