Adani Group takes control of Mumbai airport management

Adani Group Holdings has formally acquired control of the Mumbai International Airport management from GVK Group. With the addition of Mumbai airport, Adani Airport Holdings will now control over 33% of India’s air cargo traffic. Adani Group will hold a 74% stake in Mumbai's Chhatrapati Shivaji Maharaj International Airport, post the stake acquisition deal, of which 50.5% is being acquired from GVK Group and 23.5% from minority partners comprising Airports Company South Africa (ACSA) and Bidvest Group. Adani Airport Holdings Ltd (AAHL), a subsidiary of Adani Enterprises Ltd, believes that air travel in India, post-pandemic, will observe an increase. IATA (International Air Transport Association) has evaluated growth in the global passenger traffic to 88% of pre-Covid levels by 2022 and a further increase in 2023. Gautam Adani, Chairman, Adani Group, said that the broader goal is to reinvent airports as ecosystems that stimulate local economic development and work as the nuclei around which they can catalyse aviation-linked businesses. These involve Metropolitan developments that cover e-commerce and logistics capabilities, entertainment facilities, aviation dependent industries, Smart city developments and other innovative business ideas. Their airport expansion strategy is aimed to help meet our country's Tier 1 cities with the Tier 2 and Tier 3 cities in a hub and spoke model. It is crucial to facilitating a greater equalization of India’s urban-rural divide and making international travel smooth and seamless. Image Source Also read: Navi Mumbai airport in Panvel to be run by Adani Group Also read: Adani’s MIAL takeover approved by AAI