Kolkata, India: One of India’s premier business enterprises, the Adani group announced late Tuesday they will take over Mumbai International Airport’s management.
The move comes after ACSA Global (ACSA) and Bid Services Division (Mauritius), or Bidvest, sold a 23.5 percent share in the Mumbai International Airport (MIAL) to AAHL, a wholly-owned subsidiary of Adani Enterprises, for Rs 1,685.25 crore earlier this year.
AAHL, which is currently India’s largest airport infrastructure business, manages 33% of India’s air cargo traffic and accounts for 25% of airport footfall.
“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 said.
The construction of the Navi Mumbai International Airport will begin next month, with the financial close expected in the next 90 days, Moneycontrol reported.
The new international airport is scheduled to open in 2024.
With India set to become 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, followed by the operationalization of the greenfield Navi Mumbai International Airport Limited (NMIAL), provides a transformational aviation platform allowing the Adani Group to interlink it’s B2B & B2C & B2C & B2B & B2C & B2B & B2C & B,” Mr. Adani said.
“Our larger objective is to reinvent airports as ecosystems that drive local economic development and act as the nuclei around which we can catalyze aviation-linked businesses. These include metropolitan developments that span entertainment facilities, e-commerce and logistics capabilities, aviation dependent industries, smart city developments, and other innovative business concepts,” said Gautam Adani.
Our airport expansion strategy is designed to assist merge our country’s Tier 1 cities with Tier 2 and Tier 3 cities in a hub and spoke model,” he said.
This is critical for bridging India’s urban-rural divide and making international travel more seamless and comfortable.
Mr. Adani said he believes that cities’ economic value will be maximized around airports, and that future cities will be developed with the airport as the center point.
“This is a fundamental lever for modern world development and the rapid build-out of our airport infrastructure will create multiple employment structures that generate thousands of new job opportunities.”