Adani Enterprises subsidiary takes management control of Mumbai International Airport

India's largest airport infrastructure company and a wholly-owned subsidiary of Adani Enterprises, Adani Airport Holdings Ltd (AAHL) announced that it has taken over the management control of Mumbai International Airport Limited (MIAL) from GVK Group, following the board meeting of MIAL this week (on Tuesday).   

The addition of MIAL to Adani Group’s existing portfolio of six airports and the operationalisation of the greenfield Navi Mumbai International Airport (NMIAL), which is expected to be commissioned in 2024, has brought upon a transformational aviation platform for the Group. It has also interlinked its B2B and B2C business as well as created several strategic adjacencies for the Group’s other B2B businesses.   

AAHL now accounts for around 25 per cent of airport footfalls and controls 33 per cent of India’s air cargo traffic, making it the largest airport infrastructure company in the country. The Group now has eight airports in its management & development portfolio.   

India is expected to become the world's third-largest aviation market by 2024 while International Air Transport Association (IATA) expects global passenger traffic to recover to 88 per cent of the pre-COVID levels by 2022 and exceed the pre-COVID levels in 2023.  

On Wednesday, the stock of Adani Enterprises Limited closed at Rs 1,401.45, down by 1.14 per cent or 16.20 per share as against a 0.25 per cent gain in the benchmark index. The 52-week high and the 52-week low of the scrip were recorded at Rs 1,718.45 and Rs 145.15, respectively on BSE.