Gautam Adani plans to invest Rs 100000 crore in this business, eyes aggressive bids in…

Indian billionaire Gautam Adani has expanded his business empire into various sectors including cement, energy and others. It also operates several airports in India through Adani Airport Holdings Ltd (AAHL). Adani Group plans to invest Rs 1 lakh crore in its airports business over the next five years, betting on sustainable growth in India’s aviation sector, PTI reported.

“Rs 1 lakh crore in the next five years on the airport side,” Adani Airports Director and billionaire Gautam Adani’s son Jeet Adani told PTI ahead of the start of commercial operations at the Navi Mumbai International Airport on December 25.

Adani Group’s expanding airport portfolio

Navi Mumbai International Airport will be the latest addition to Adani Group’s expanding airport portfolio and will further strengthen its presence in India’s aviation infrastructure. Apart from two airports in Mumbai, Adani Group operates six more airports in Ahmedabad, Lucknow, Guwahati, Thiruvananthapuram, Jaipur and Mangaluru.

Navi Mumbai airport is scheduled to commence commercial operations on December 25. It is being developed by Navi Mumbai International Airport Ltd (NMIAL), in which Adani Group holds a 74 percent stake. The first phase, with an initial cost of Rs 19.650 billion, will have the capacity to carry 20 million passengers per year. The airport has plans to scale up to 90 million passengers over time by easing capacity constraints at Mumbai’s existing airport. Adani Group had acquired Mumbai airport from GVK Group.

Adani Group, through its airport arm Adani Airport Holdings Ltd (AAHL), is India’s largest airport infrastructure operator. It controls a significant portion of India’s air traffic, accounting for about 23 percent of passenger movements and 33 percent of cargo traffic across the country.