Adani Enterprises to invest Rs. 10K crore in airport biz

Gujarat-headquartered coal trader and mine developer Adani Enterprises plans for major investment in its consolidated business entities such as airports.

The company has reportedly committed an investment of Rs. 10,000 crore for its airports business through its subsidiary Adani Airports, to be incurred over seven years. As part of the GoI’s privatisation program, bids were invited for operation and maintenance of six domestic airports viz. Ahmedabad, Jaipur, Lucknow, Thiruvananthapuram, Mangaluru and Guwahati, AEL has emerged as the winning bidder.

The company has also committed Rs. 7,000 crore for its coal and mining business during FY20. The company has planned around Rs. 1,648 crore of capex for new blocks in the MDO business for a period of FY20-FY21. The large capex will be invested in a calibrated fashion with a preference to incur infrastructure and utilities capex over materials and manufacturing-related expansion.

Adani Enterprises is an infrastructure company. The company is engaged in coal trading, coal mining, oil and gas exploration, ports, multimodal logistics, power generation and transmission, and gas distribution.

On Friday, the stock price rose as much as 3.5 per cent intraday. At 2:30 pm, the stock traded at Rs. 130.50 per share, higher by 0.23 per cent on BSE.