Gautam Adani’s company took over the management of Mumbai airport, became the country’s largest airport infra company
Billionaire Gautam Adani Adani Group (Adani Group) on Tuesday finally took over the management of Mumbai International Airport Limited (MIAL). Management control was taken over by Adani Airport Holdings Ltd yesterday after the group had bought its stake from GVK Group, which has been doing so till now. With this, the company has become the largest airport infrastructure company in the country. With this new management, now Adani Airport Holdings Limited will be the company to see 25 percent airport footfalls of the country. Under this company, now eight airports of the country will come, while 33 percent of the air cargo traffic of the country will be controlled by the company.
The Adani Group had announced in August last year that it would acquire GVK Group’s stake in the Mumbai airport. After this deal, the Adani Group will hold 74 per cent stake in Mumbai’s Chhatrapati Shivaji Maharaj International Airport. Out of this, 50.5 percent stake will be acquired from GVK Group and the remaining 23.5 percent stake will be acquired from minority partners Airports Company South Africa (ACSA) and Bidwest Group.
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Adani Group Chairman Gautam Adani tweeted, “We are very happy to manage the world class Mumbai International Airport. Mumbai would be proud of us. Adani Group will build airport ecosystem for future business. We will create thousands of jobs locally.
We are delighted to take over management of the world class Mumbai International Airport. We promise to make Mumbai proud. The Adani Group will build an airport ecosystem of the future for business, leisure and entertainment. We will create thousands of new local jobs.
— Gautam Adani (@gautam_adani) July 13, 2021
Later, a wholly owned subsidiary of Adani Enterprises said in a statement that it has acquired Mumbai International Airport Ltd. from GVK Group. (MAIL) has taken over management control. Earlier in the day the meeting of the board of MIAL was held. Approval for this acquisition has been received from the Central Government, the Government of Maharashtra and the City and Industrial Development Corporation of Maharashtra.
Adani Airport Holdings has previously taken over operations of Lucknow, Ahmedabad and Mangaluru airports in 2020. It had won the bid in the Airports Authority of India’s global tender process for the modernization and operation of six airports namely Lucknow, Ahmedabad, Mangaluru, Guwahati, Jaipur and Thiruvananthapuram.