Adani group takes over management of Mumbai airport

Adani Group on Tuesday said it has taken over the management of Mumbai International airport from the GVK group The Group last August had announced that it would acquire GVK Groups stake in Mumbai airportAdani Group will have 74 per cent stake in Mumbais Chhatrapati Shivaji Maharaj International Airport post the stake purchase transaction with 505 per cent being bought from GVK Group and 235 per cent from minority partners including Airports Company South Africa ACSA and Bidvest Group it had saidWe 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 jobsrdquo Adani Group chairman Gautam Adani said in a tweetLater in a statement Adani Airport Holdings Ltd AAHL a whollyowned subsidiary of Adani Enterprises Ltd said it has taken over the management control of Mumbai International Airport Limited MIAL from the GVK Group following the MIAL Board Meeting earlier in the day This follows approvals received from the Central Government the City and Industrial Development Corporation CIDCO of Maharashtra and the Government of Maharashtra it addedldquoOur larger objective is to reinvent airports as ecosystems that drive local economic development and act as the nuclei around which we can catalyse aviationlinked businesses These include metropolitan developments that span entertainment facilities ecommerce and logistics capabilities aviation dependent industries smart city developments and other innovative business conceptsrdquo Adani said in the statementOur airport expansion strategy is intended to help converge our nations Tier 1 cities with the Tier 2 and Tier 3 cities in a hub and spoke model This is fundamental to enabling a greater equalization of Indias urbanndashrural divide as well as making international travel seamless and smoothrdquo he saidI believe that the economic value that cities create will be maximized around airports and the cities of tomorrow will be built with the airport as the focal point This is a fundamental lever for modern world development and the rapid buildout of our airport infrastructure will create multiple employment structures that generate thousands of new job opportunitiesrdquo he addedMumbai International Airport is the countrys second busiest airport after Delhis IGIA by both passenger and cargo traffic With eight airports in its management and development portfolio Adani Airport Holdings is now Indias largest airport infrastructure company accounting for 25 per cent airport footfalls the company said in the statementWith the addition of MIAL AAHL will now also control 33 per cent of Indias air cargo traffic it added According to the company while the world navigates its way out of an unprecedented crisis postpandemic demand for air travel in India and the rest of the world is expected to surge The International Air Transport Association IATA expects global passenger traffic to recover to 88 per cent of preCOVID levels by 2022 and exceed preCOVID levels in 2023 it saidWith India becoming to be the worlds third largest aviation market by 2024 the addition of the Mumbai International Airport to the Adani Groups existing portfolio of six airports and thereafter the operationalization of the greenfield Navi Mumbai International Airport Limited NMIAL provides a transformational aviation platform allowing the Adani Group to interlink its B2B and B2C business as well as create several strategic adjacencies for the Groups other B2B businesses it statedAAHL also said it will begin the construction of the Navi Mumbai International Airport next month and complete the financial closure in the next 90 days This new international airport will be commissioned in 2024This story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever