Adani Airport Holdings integrates Celeritas International FZCO in UAE

28 Oct 2024 CW Team

Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises, has established a new entity named Celeritas International FZCO in the UAE. The company announced that Celeritas will operate in the Jebel Ali Free Zone with an authorised and paid-up share capital of AED 100,000. However, the entity is yet to commence business operations, according to an exchange filing.

AAHL holds a 74% stake in Celeritas International, and no related party transactions are involved in this acquisition.

In other developments, April Moon Retail Private Limited—a joint venture of Adani Airport Holdings—plans to acquire a 74% stake in Cococart Ventures Private Limited for Rs 2 billion, as disclosed in a recent stock exchange filing.

Adani Enterprises, which manages the group’s businesses across airports, roads, and data centers, has earmarked Rs 800 billion for capital expenditure in the current fiscal year. Out of this, Rs 500 billion is allocated to airports and Adani New Industries. Adani Airports, which currently operates seven airports and is constructing an eighth facility in Navi Mumbai, has outlined an investment of $21 billion over the next decade, according to group CFO Jugeshinder Singh.

Since entering the airports sector in 2019, the Adani Group has become India’s largest private airport operator. Adani Enterprises reported a 116% year-on-year surge in consolidated net profit to Rs 14.54 billion for the first quarter of FY24, compared with Rs 6.74 billion in the same period last year. Revenue from operations rose 12% year-on-year to Rs 254.72 billion, up from Rs 226.44 billion in the corresponding period.

(ET)

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