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Adani Group takes over management control of Mumbai International Airport

Adani Airport Holdings (AAHL) has taken over the management control of Mumbai International Airport (MIAL)

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On Tuesday, Billionaire Gautam Adani-Airport Holdings (AAHL) has taken over the management control of Mumbai International Airport (MIAL) from GVK Group. Adani Group Chairman Gautam Adani took to his Twitter handle and informed about the same.

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“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 tweeted.

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With the addition of Mumbai airport, Adani Airport Holdings will now have control over 33% of India’s air cargo traffic. The Group last August had announced that it would acquire GVK Group’s stake in Mumbai airport.

Adani Group will have a 74 percent stake in Mumbai’s Chhatrapati Shivaji Maharaj International Airport, post the stake purchase transaction, with 50.5 percent being bought from GVK Group and 23.5 percent from minority partners including Airports Company South Africa (ACSA), and Bidvest Group.

AAHL also stated that it will begin the construction of the Navi Mumbai International Airport next month and complete the financial closure in the next 90 days.

Adani Airport Holdings (AAHL), a subsidiary of Adani Enterprises, in February had acquired a 23.5 percent stake in the Mumbai International Airport (MIAL) from two South African investors- ACSA Global (ACSA) and Bid Services Division (Mauritius)- for Rs 1,685.25 crore.

Earlier this year, AAHL became the country’s largest airport operator after it took a controlling stake in MIAL. The Chhatrapati Shivaji Maharaj International Airport (CSMIA) In Mumbai is the second-busiest in the country after the Delhi airport.

Stay tuned to The Live Mirror for more updates.

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