Money
Adani group takes over management of Mumbai airport
The Adani business group has taken control of Mumbai’s international airport
Adani Airport Holdings Limited, a wholly-owned subsidiary of the Adani Group has officially taken over the management of the Mumbai airport from business conglomerate GVK.
The group has now become the country’s largest airport infrastructure company that is in charge of developing and managing eight airports in total.
Adani now controls 25% of passenger footfalls and 33% of air cargo within India.
The deal makes Adani Airport Holdings the nation’s largest airport infrastructure company
While the coronavirus pandemic has devastated the global aviation industry Adani is taking a longer view, betting on an Indian air transport market that is forecast to become the world’s third-largest by 2026.
Shares of Adani Enterprises rose as much as 2.6 percent in early Mumbai trading