Adani inks pact with Flemingo for duty-free outlets in airports, ports

25 Sep 2021 CW Team

Adani Airport Holdings Limited (AAHL), the Adani Group's airports arm, has formed a strategic partnership with Flemingo Travel Retail Private Limited and Mumbai Travel Retail Private Limited (MTRPL) to run duty-free outlets in airports and seaports.

AAHL, Adani Enterprises Limited's wholly-owned subsidiary, has signed share subscription agreements with Flemingo and MTRPL, the company announced in a regulatory filing on Thursday.

Under the terms of the strategic partnership, AAHL will subscribe to 28,49,000 equity shares with a face value of Rs 10 each, representing 74% of MTRPL's share capital on a fully diluted basis, for a total investment of Rs. 2.85 crore.

At Navi Mumbai Airport, Adani has eight airport concessions, seven of which are operational and one of which is under construction.

The group is looking at a different model for the airports, making it more of a B2C business and capitalising on about 300 million users, of which about 100 million will be passengers and 200 million will be non-passengers, for the energy-to-infrastructure conglomerate.

Adani Airport is a subsidiary of Adani Enterprises, the Adani Group's flagship company, which won a global competitive tendering process conducted by the Airports Authority of India to modernise and operate six airports for the next 50 years: Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram.

Ahmedabad, Lucknow, and Mangaluru were among the cities where it took over operations last year. Separately, in July, the company acquired a majority stake in Mumbai International Airport and took control of its management. It also has the responsibility of building a new international airport in Navi Mumbai.

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Also read: Adani to take over Thiruvananthapuram airport ops by October 14

Also read: Adani’s MIAL takeover approved by AAI

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