This follows approvals received from the Government of India, the City and Industrial Development Corporation (CIDCO) of Maharashtra, and the Government of Maharashtra.
MIAL is India's second busiest airport by both passenger and cargo traffic. With eight airports in its management and development portfolio, AAHL is now India's largest airport infrastructure company, accounting for 25% airport footfalls. With the addition of MIAL, AAHL will now also control 33% of India's air cargo traffic.
While the world navigates its way out of an unprecedented crisis, post-pandemic demand for air travel in India and the rest of the world is expected to surge. The International Air Transport Association expects global passenger traffic to recover to 88% of pre-COVID levels by 2022 and exceed pre-COVID levels in 2023.
With India becoming to be the world's third largest aviation market by 2024, the addition of the Mumbai International Airport to the Adani Group's existing portfolio of six airports, and Airports thereafter the operationalization of the greenfield Navi Mumbai International Airport (NMIAL) provides a transformational aviation platform allowing the Adani Group to interlink its B2B and B2C business as well as create several strategic adjacencies for the Group's other B2B businesses. AAHL will 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.
With management control of Mumbai International Airport (MIAL), AAHL is poised to join the league of the world's leading airport operators that cater to 100 million + passengers and 200 million non-fliers in a year, presenting a massive 300 million + strong consumer platform.
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 businessess, said Gautam Adani, Chairman of the Adani Group.
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AAHL is a subsidiary of Adani Enterprises, the flagship company of the Adani Group, which won the mandate to modernize and operate six airports - Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram - for a period of 50 years through a globally competitive tendering process conducted by the Airports Authority of India (AAI).
The announcement was made after market hours yesterday, 13 July 2021. Shares of Adani Enterprises shed 0.24% to settle at Rs 1,417.65 yesterday.
Adani Enterprises (AEL) is the flagship company of Adani Group, one of India's largest business conglomerates. The company's business investments are centred on the fields of airport management, technology parks, roads, data centre and water infrastructure.
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