The Adani Airport Holdings Ltd (AAHL), a subsidiary of Adani Enterprises Limited, has taken over the management control of the Mumbai International Airport Limited (MIAL) from the GVK Group following the board meeting of MIAL held on Tuesday.
The development came after approvals were received from the Government of India, the City and Industrial Development Corporation (CIDCO) of Maharashtra, and the Government of Maharashtra.
MIAL now under AAHL
MIAL is India's second busiest airport both in terms of passenger and cargo traffic. With eight airports under its management and development portfolio, AAHL is now India's largest airport infrastructure company, accounting for 25 percent airport footfalls. With the addition of MIAL, AAHL will now control 33 per cent of India's air cargo traffic.
"With India becoming the world's third-largest aviation market by 20224, the addition of the Mumbai International Airport to the Adani Group's existing portfolio of six airports, and thereafter the operationalization of the greenfield Navi Mumbai International Airport Limited (NMIAL) provides a transformational aviation platform allowing the Adani Group to interlink its B2B and B2C business as well as create several strategic adjacencies for the Group's other B2B businesses," Adani Group's official statement read.
AAHL will begin construction of the Navi Mumbai International Airport next month and complete the financial closure in the next 90 days. The new airport will be commissioned in 2024.