The Adani group on Tuesday announced that its branch Adani Airport Holdings Ltd. (AAHL) has occupied the control as well as management of the Mumbai International Airport Limited (MIAL). The GVK group will no longer look into the same subsequent to the MIAL Board Meeting.
The requisite sanctions from the Government of India, the City and Industrial Development Corporation of Maharashtra and the Government of Maharashtra, were earlier acquired by the company. Gautam Adani, the Adani group chief also tweeted about the recent development.
The company had earlier communicated that it will commence the construction of the Navi Mumbai International Airport next month since its financial closure will be concluded within the next 90 days. The new airport is set to be accredited in 2024. It was last year that the Adani group assumed control over the Mumbai airport from the GVK group.
Since the Mumbai airport is India's second-biggest in terms of passenger and cargo traffic, it's a great addition to Adani's holdings. With this recent development and its eight airports in management and development holdings, it is now India's foremost airport infrastructure business, aggregating 25% off airport footfalls. Additionally, with MIAL now in its bag, the company will account for 33% of the country's air cargo traffic.
It stepped into the aviation arena in 2019 when it acquired the order to not just operate, but also modernize six airports that include Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram for 50 years. This transpired through the tendering process of the Airports Authority of India. In 2020, it assumed operation of Ahmedabad, Lucknow and Mangaluru.
Now, with a major stake in MIAL and the development of the Navi Mumbai International Airport, it's forging its way into this industry.
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