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Adani Group creates new company to run airport businesses

Adani Group Saturday said that it has set up a new company called Adani Airports Ltd to manage its airport businesses. The new firm has been incorporated by the group's flagship company Adani Enterprises for running airports in India and abroad.

twitter-logo BusinessToday.In        Last Updated: August 3, 2019  | 18:10 IST
Adani Group creates new company to run airport businesses
The government last November had cleared the proposal to privatise these six airports under the Airports Authority of India under the PPP model.

Adani Group Saturday said that it has set up a new company called Adani Airports Ltd to manage its airport businesses. The new firm has been incorporated by the group's flagship company Adani Enterprises for running airports in India and abroad.

"Adani Airports Ltd is incorporated in India and registered with the Registrar of Companies at Ahmedabad in Gujarat on August 2 and is yet commence its business operations," Adani Enterprises said in regulatory filing.

The Adani Group in February had won the mandate to run all the six government-owned airports that were put up for privatization. With this the group had marked its entry into the airports space after bagging a 50-year contract for operation, management and development of the Ahmedabad, Lucknow, Jaipur, Guwahati, Thiruvanathapuram and Mangalore airports after quoting revenue share in the range of Rs 115 to Rs 177 per passenger.

The six airports together handled 30 million passengers--23.6 million domestic and 6.4 million international last fiscal year, a growth of 22 percent over the previous year, the report said.

The GMR group-run New Delhi airport handled 65.69 million passengers in fiscal 2018 while the GVK group-run Mumbai airport handled 48.5 million during the same period.

The government last November had cleared the proposal to privatise these six airports under the Airports Authority of India under the PPP model.

(With inputs from PTI)

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