Adani Enterprises Ltd (AEL) announced that its step-down unit Adani Airport City Ltd has incorporated three wholly owned subsidiaries to further its airport city expansion. The new companies are Adani Navi Mumbai Airport City Ltd, Adani Guwahati Airport City Ltd and Adani Ahmedabad Airport City Ltd and they have been formed to undertake real estate activities and hotel development in connection with airport city projects. A regulatory filing stated that the entities will engage in real estate activities with own or leased property, construction of buildings on own account or on a fee or contract basis, and hotels with integrated restaurants, banquets and business centres. Each subsidiary has been incorporated with a paid-up capital of Rs one million (one mn) with shares subscribed in cash at face value and is fully owned by Adani Airport City Ltd. The filing did not elaborate whether the plan includes construction of hotels within the vicinity of airports the group operates. Adani Airport Holdings Limited was incorporated in 2019 as a 100 per cent subsidiary of AEL and is described in company filings as the largest airport infrastructure company in the group, with eight airports accounting for 25 per cent of passenger footfalls and 33 per cent of India’s air cargo traffic. The unit manages airports at Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram and holds a 73 per cent stake in Mumbai International Airport Ltd, which in turn holds 74 per cent in Navi Mumbai International Airport Ltd. Adani Airport City Ltd is a unit of Adani Airport Holdings Limited and the corporate move is presented as part of an integrated airport city strategy. The conglomerate previously outlined a USD 15 billion (USD 15 bn) expansion plan for its Indian airport portfolio by 2030 aimed at boosting capacity to 200 million (200 mn) annual passengers and supporting an upcoming IPO of its airport unit. The group recently opened the Navi Mumbai airport with capacity to initially handle 20 mn passengers and has said it intends to raise overall airport capacity by over 60 per cent to meet rising demand projected to surpass 300 mn passengers in India by 2030.