Adani Airport Holdings faces ministry probe
AVIATION & AIRPORTS

Adani Airport Holdings faces ministry probe

Adani Enterprises has officially notified the stock exchanges that the Ministry of Corporate Affairs has launched an investigation into the financial records and associated documents of Mumbai International Airport and Navi Mumbai International Airport.

These airports are presently under the management of Adani Airport Holdings, a subsidiary of the multinational corporation promoted by Gautam Adani. They were acquired from the previous owner, GVK Airport Developers, in 2021.

Adani Enterprises clarified that the acquisitions of Mumbai International Airport (MIAL) and Navi Mumbai International Airport (NMIAL) were finalised during the financial year 2021-22. The information and documents being requested in the investigation pertain to the period spanning from 2017-18 to 2021-22. MIAL and NMIAL will respond to these inquiries in compliance with applicable legal regulations, as stated in their communication to the stock exchanges.

In a related context, it is important to note that in July 2020, the Central Bureau of Investigation filed a first information report against GVK Reddy, the Chairman of the Hyderabad-based GVK Group, and his son Venkata Sanjay Reddy. They were accused of fraud and causing a loss of Rs 7.05 billion to the state exchequer due to fraudulent activities at Mumbai International Airport. The investigation is being conducted by the office of the Regional Director of the Southeast Region of the Ministry of Corporate Affairs, situated in Hyderabad.

Mumbai International Airport was privatised in 2006, with the GVK Group-led airport consortium taking control from the Airports Authority of India. Additionally, apart from Mumbai and Navi Mumbai International Airports, the Adani Group has also obtained the rights for the operation, management, and development of airports in Ahmedabad, Jaipur, Lucknow, Thiruvananthapuram, Mangaluru, and Guwahati. These rights have been secured based on a per-passenger fee payable to the Airports Authority of India, and the agreement spans a period of 50 years.

Adani Enterprises has officially notified the stock exchanges that the Ministry of Corporate Affairs has launched an investigation into the financial records and associated documents of Mumbai International Airport and Navi Mumbai International Airport. These airports are presently under the management of Adani Airport Holdings, a subsidiary of the multinational corporation promoted by Gautam Adani. They were acquired from the previous owner, GVK Airport Developers, in 2021. Adani Enterprises clarified that the acquisitions of Mumbai International Airport (MIAL) and Navi Mumbai International Airport (NMIAL) were finalised during the financial year 2021-22. The information and documents being requested in the investigation pertain to the period spanning from 2017-18 to 2021-22. MIAL and NMIAL will respond to these inquiries in compliance with applicable legal regulations, as stated in their communication to the stock exchanges. In a related context, it is important to note that in July 2020, the Central Bureau of Investigation filed a first information report against GVK Reddy, the Chairman of the Hyderabad-based GVK Group, and his son Venkata Sanjay Reddy. They were accused of fraud and causing a loss of Rs 7.05 billion to the state exchequer due to fraudulent activities at Mumbai International Airport. The investigation is being conducted by the office of the Regional Director of the Southeast Region of the Ministry of Corporate Affairs, situated in Hyderabad. Mumbai International Airport was privatised in 2006, with the GVK Group-led airport consortium taking control from the Airports Authority of India. Additionally, apart from Mumbai and Navi Mumbai International Airports, the Adani Group has also obtained the rights for the operation, management, and development of airports in Ahmedabad, Jaipur, Lucknow, Thiruvananthapuram, Mangaluru, and Guwahati. These rights have been secured based on a per-passenger fee payable to the Airports Authority of India, and the agreement spans a period of 50 years.

Related Stories

Gold Stories

Next Story
Infrastructure Energy

Asian Energy Services Q1 FY27 PAT Rises 129 Per Cent

Asian Energy Services Limited reported a 129 per cent year-on-year rise in net profit to Rs 128 million for Q1 FY27, compared with the corresponding quarter last year.Revenue increased 135 per cent year-on-year to Rs 2.71 billion, supported by continued momentum across its services business, disciplined execution and contributions from domestic and international operations. EBITDA grew 81 per cent year-on-year during the quarter.As of June 30, 2026, the company’s standalone order book stood at Rs 17.54 billion, with around 60 per cent coming from oil and gas services and 40 per cent from min..

Next Story
Infrastructure Urban

BioBTX to Build First Commercial-Scale Circular Chemicals Plant

Dutch circular chemistry technology developer BioBTX is building what it says will be the world’s first commercial-scale plant to convert mixed plastic waste into high-quality aromatic chemicals using its proprietary Integrated Catalytic Cracking Process (ICCP) technology.The facility will be built at Chemical Park Delfzijl on the northern coast of the Netherlands and is expected to create 35 jobs. Covestro, which has been a shareholder and strategic partner of BioBTX since 2024, holds a mid-single-digit million-euro investment in the company.BioBTX’s ICCP technology uses catalytic pyrolys..

Next Story
Real Estate

Awfis Q1 FY27 PAT Jumps 140% as Revenue Rises 27%

Awfis Space Solutions reported a 140 per cent year-on-year rise in consolidated profit after tax (PAT) to Rs 240 million for Q1 FY27, compared with Rs 100 million in the corresponding quarter last year.Revenue from operations increased 27 per cent to Rs 4.25 billion from Rs 3.35 billion, while EBITDA rose 28 per cent to Rs 1.62 billion. EBITDA margin improved to 38.2 per cent from 37.8 per cent. Profit before tax increased 135 per cent to Rs 240 million.The company's co-working business recorded 27 per cent year-on-year growth, supported by demand from enterprises, Global Capability Centres (G..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement