Adani Airport Holdings faces ministry probe

16 Oct 2023 CW Team

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.

Infrastructure Transport

16 Sep 2025

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

Resources

16 Sep 2025

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Real Estate

16 Sep 2025

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..