Adani Group adds yet another revenue stream, sets up new company to manage airport businesses

Ahmedabad: The diversified Adani Group is adding another revenue stream by entering the airport space and has set up a new company called Adani Airports. The group’s flagship company Adani Enterprises has incorporated the new company for acquiring, promoting, operating, maintaining, developing, designing, constructing, upgrading, modernising, renovating, expanding and managing airports in India and abroad. Adani Airports Ltd is incorporated in India and registered with the Registrar of Companies at Ahmedabad in Gujarat on 2 August and is yet commence its business operations, Adani Enterprises said in regulatory filings at stock exchanges on Saturday. In February, the Adani Group won the mandate to run all six government-owned airports that were put up for privatisation. It bagged a 50-year contract for the operation, management, and development of airports in Ahmedabad, Lucknow, Jaipur, Guwahati, Thiruvananthapuram, and Mangaluru to become the third-largest private airport operator after GMR Group and GVK Group. [caption id=“attachment_4667991” align=“alignleft” width=“380”] Representational image. Reuters[/caption] The six airports together handled 30 million passengers — 23.6 million domestic and 6.4 million international — last fiscal year, marking a growth of 22 percent over the previous year. In November last year, the government had cleared the privatisation of these six airports under the Airports Authority of India (AAI) on the public-private partnership model. The Adani Group is an integrated business conglomerate in India which consists of six publicly traded companies with combined revenues of 13 billion dollars (about Rs 90,000 crore). With a presence in agri logistics, bunkering, coal and mining, defence and aerospace, edible oil and food products, it has global footprints across Australia, Bangladesh, China, Dubai, Indonesia, Myanmar, Singapore, and the United States.