Adani Eyes More Airports in $11 Billion Expansion Push
India’s Adani Enterprises plans to aggressively bid for 11 airports that the federal government intends to lease to private operators, as part of an $11 billion investment strategy to expand airport infrastructure over the next five years. The move aligns with the government’s broader plan to increase the number of airports in the country to 350–400 by 2047, from 163 currently. The proposed lease includes airports in key cities such as Amritsar and Varanasi.
The Gautam Adani-led group has rapidly expanded its aviation footprint, with its subsidiary Adani Airports Holdings Limited (AAHL) now managing seven airports across India. AAHL is also set to begin operations at a new airport near Mumbai this month, marking its first greenfield airport project. Adani Airports has become the largest airport operator in India by number of airports, while rival GMR Group leads in terms of passenger traffic handled.
On listing plans, AAHL director Jeet Adani said there is no fixed timeline for an IPO or demerger, as it will depend on achieving key milestones, including becoming cash positive. While the airport business is largely EBITDA-positive, significant capital expenditure continues. Jeet Adani also ruled out entering the airline business, citing thin margins, and said the group remains focused on developing and efficiently operating long-gestation airport assets amid India’s booming air travel demand.
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