Adani Group finally takes over Management Control of Mumbai Airport

Adani Group on Tuesday said that it has taken over the management of Mumbai International airport from the GVK Group, following a Mumbai International Airport Limited (MIAL) board meeting earlier on July 13. Gautam Adani, Chairman of Adani Group took to his Twitter handle to inform about the same.

Apprising about the development, Gautam Adani tweeted, "We are delighted to take over management of the world class Mumbai International Airport. We promise to make Mumbai proud. The Adani Group will build an airport ecosystem of the future for business, leisure and entertainment. We will create thousands of new local jobs."

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The company in a media release said, “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 thereafter the operationalization of the greenfield Navi Mumbai International Airport Limited (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."

We are delighted to take over management of the world class Mumbai International Airport. We promise to make Mumbai proud. The Adani Group will build an airport ecosystem of the future for business, leisure and entertainment. We will create thousands of new local jobs.

— Gautam Adani (@gautam_adani) July 13, 2021

AAHL ( ADANI Airports Holdings Ltd) 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.

As per a report by PTI, Adani Group will have 74 percent stake in Mumbai's Chhatrapati Shivaji Maharaj International Airport, post the stake purchase transaction, with 50.5 percent being bought from GVK Group and 23.5 percent from minority partners including Airports Company South Africa (ACSA), and Bidvest Group, it had said.

Mumbai International Airport is the country's second busiest airport (after Delhi's IGIA) by both passenger and cargo traffic. With eight airports (in its management and development portfolio), Adani Airport Holdings is now India''s largest airport infrastructure company, accounting for 25 percent airport footfalls, the company said in the statement. With the addition of MIAL, AAHL will now also control 33 percent of India's air cargo traffic, it added.